“股神”巴菲特为何怒批特朗普关税战

Core Viewpoint - Warren Buffett, the CEO of Berkshire Hathaway, has explicitly criticized the trade war, stating that the U.S. should not use trade as a weapon, marking his most direct criticism of the government's tariff policies to date [2][4]. Group 1: Impact of Tariff Policies - The negative effects of the trade war are evident, with Berkshire Hathaway reporting a 14% year-over-year decline in operating profit and a 48.6% drop in insurance underwriting profit for Q1 2025 [5]. - The tariff policies have led to increased supply chain costs and trade barriers, forcing companies to reassess their production layouts and cost structures, which directly impacts profitability [5][6]. - Buffett emphasized the importance of free trade for optimal resource allocation, arguing against protectionist measures that create artificial barriers [5][6]. Group 2: Economic and Market Implications - The trade war has distorted resource allocation efficiency and increased inflation expectations, indirectly affecting capital market pricing logic [6]. - Analysts have warned that the current turmoil in the U.S. bond market could have more severe implications than a stock market crash, with potential risks of a financial crisis that could surpass the 2008 crisis [6]. - Buffett's concerns about fiscal policy reflect a broader anxiety regarding the economic landscape, as he likened cash and bonds to "melting ice cubes" that require investors to run faster just to maintain their position [6]. Group 3: Globalization and Investment Philosophy - Buffett's criticism of the trade war underscores his commitment to the philosophy of globalization, which he believes fosters economic prosperity through openness and cooperation rather than zero-sum competition [7]. - He argues that the stability of global markets and the sustainable development of businesses are at stake, as the current protectionist climate threatens to undermine these principles [7]. - The call for more business leaders like Buffett to voice their support for open trade is seen as crucial in countering the rising tide of protectionism and promoting a return to cooperative economic practices [7].