Buffett bullish on China-US trade
Veteran investor eyes more investments in nation’s fast-rising economy
Famous US investor Warren Buffett said on Saturday that the world’s economy depends on free trade for its progress, and he expressed hopes that China and the US would avoid doing “something extremely foolish.” The remarks were made during the annual shareholders meeting of Berkshire Hathaway, the investment firm where Buffett is chairman and CEO. The meeting was held on Saturday in Buffett’s hometown of Omaha, Nebraska.
Buffett answered a question about the recent talk of a trade war between China and the US, arguing for the benefits of continuing free trade policies.
“It’s just too big and too obvious that the benefits are huge,” said the investor from Omaha.
The meeting was held
shortly after a high-level delegation headed by US Secretary of the Treasury Steven Mnuchin visited Beijing to discuss trade issues with the Chinese government on Thursday.
The Chinese and US delegations reached agreements on some issues but considerable differences remain, according to a report by the Xinhua News Agency.
Speaking live to shareholders, Buffet emphasized the importance of the China-US relationship. “The United States and China are
going to be the two superpowers in the world for a long, long, long time. We have a lot of common interests,” he said.
“We, China and the countries of the world have done remarkably well with trade. It is a win-win situation,” said the veteran investor, famous for his long-term investment policy.
“We will not sacrifice world prosperity based on differences that arise in trade,” he asserted.
Buffett’s main partner at Berkshire, Charlie Munger, also shared his view that good relations will prevail between China and the US. “Both countries have been advancing. China is advancing faster economically,