Warren Buffett criticized Trump's trade policy

The head of Berkshire Hathaway holding, Warren Buffett, criticized the harsh trade policy of US President Donald Trump. This was reported by CNBC on Saturday, May 3.

"Trade should not be a weapon. I really think that the more prosperous the rest of the world becomes, it will not happen at our expense, the more prosperous we will become and the safer we will feel and someday your children will feel," Buffett said.

According to him, it was a big mistake to impose punitive duties on the rest of the world.

Buffett explained that protectionist policies can have negative long-term consequences for the United States after it becomes the world's leading industrial country.

The Lessons of the Depression: Will the Tariff War lead to an economic Catastrophe

The experience of 90 years ago suggests disappointing forecasts

Earlier, on April 24, Georgy Ostapkovich, director of the HSE Center for Economic Research and Economic Analysis, said that there are risks of a large-scale financial and economic crisis in the European Union (EU) and the United States due to rising prices, inflation and tightening monetary policy. The expert did not even rule out a scenario similar to the crisis of 2008-2009, but considers a repeat of the Great Depression of the 1930s unlikely.

Prior to that, on April 17, Italian journalist Vincenzo Lorusso reported on the threat to the economies of European countries posed by the trade duties imposed by Trump. According to him, this is due to the fact that a dramatic economic situation has already developed in Europe.

On April 2, the American leader announced the introduction of base duties of 10% on products imported from other countries. For the European Union, this figure was raised to 20%, and for China — to 34%. On April 9, the US president announced the suspension of duties previously imposed on a number of countries for 90 days.