On Friday, President Donald Trump shared a video on social media that falsely claimed legendary investor Warren Buffett supported the administration’s tariff plan, which has battered the US stock market and ignited fears of a recession.
“Trump is crashing the stock market by 20% this month, but he’s doing it on purpose,” said the narrator in a video Trump shared on his social media platform, Truth Social. “And this is why Warren Buffett just said that Trump is making the best economic moves he’s seen in over 50 years.”
Buffett’s multinational conglomerate, Berkshire Hathaway, swiftly rejected that claim.
“There are reports currently circulating on social media (including Twitter, Facebook and TikTok) regarding comments allegedly made by Warren E. Buffett. All such reports are false,” the company said in a statement shared with CNBC on Friday.
CNN has reached out to Berkshire Hathaway for comment.
On Wednesday, Trump announced tariffs of at least 10% across nearly all countries, with significantly higher rates on some of the United States’ largest trading partners. The announcement sent shockwaves through global markets, and stocks around the world plunged. In light of Trump’s tariff announcement, JPMorgan raised the risk of recession in 2025 to 60%.
On Friday, China, the United States’ third-largest trading partner, announced retaliatory tariffs of 34% on all US goods starting April 10, further spooking markets as the risk of multiple tit-for-tat trade wars grows.
Buffett has been critical of Trump’s tariff plans, calling them “an act of war, to some degree” in an interview CBS last month.
“Over time, they’re a tax on goods,” Buffett said of tariffs.