Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, has not praised President Donald Trump’s recent economic policies. This is despite a video circulating on social media that claims Buffett said Trump is making “the best economic moves he’s seen in 50 years.
Berkshire Hathaway released a statement refuting these reports. They clearly branded the comments attributed to Buffett as “false.” Buffett himself confirmed on Friday that he would not be commenting on economic matters until Berkshire Hathaway’s annual meeting later this spring.
He explicitly stated through a company spokesperson that he had not made any such statements. The misleading video has a voiceover claiming, “Trump is purposely crashing the stock market by 20% this month, but he’s doing it on purpose. And this is why Warren Buffett just said Trump is making the best economic moves he’s seen in over 50 years.” The audio purported to be Buffett’s actually stems from a March 13 CNBC segment, where a completely different context was being discussed.
CNBC reporter Becky Quick reported on Friday that any quotes attributed to Buffett in regard to the current economic situation are not authentic. According to her, Buffett has not been discussing the markets, economy, or tariffs publicly, and he will maintain this stance until the Berkshire Hathaway annual meeting.
Buffett denies endorsing Trump policies
Buffett has gone on record over the years about both tariffs and market downturns. In a recent interview, he said, “Over time, they are a tax on goods. I mean, the tooth fairy doesn’t pay ’em!” He has also noted that tariffs can impact inflation and hurt consumer budgets.
Buffett supports free trade, believing it allows more people to live better lives than under protectionist policies. He has navigated worldwide recessions before, emphasizing the importance of a long-term perspective in investing. Despite the recent losses in the S&P 500, Buffett has historically favored buying stocks when they’re relatively cheap to boost long-term returns.
As he wrote in 2008, “In short, bad news is an investor’s best friend. It lets you buy a slice of America’s future at a marked-down price.”
Image Credits: Photo by Marga Santoso on Unsplash
