When you have a policy as unpopular as global tariffs working against you, allies are paramount.
Every mainstream economist and banker, from Larry Summers to Jamie Dimon, has questioned the wisdom of President Donald Trump’s attempt to reshape the global trade order through tariffs.
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Fears of rising costs and the dreaded ‘S’ word (stagflation) cost investors dearly last week after the Dow Jones Industrial Average shed another 5.5% Friday, marking the index’s biggest decline since June 2020 during the Covid pandemic.
The S&P 500 dropped nearly 6%, its biggest decline since March 2020, and the Nasdaq also fell nearly 6%, leading the tech-heavy index to a 22% decline since December.
Related: Here’s what car buyers can expect from latest auto tariffs
Donald Trump turns 79 on June 14, but he uses social media like a Gen Z TikToker, often microblogging his innermost thoughts and even policy decisions on Truth Social, the social media company he owns.
He also tends to amplify and repost content that he hasn’t independently verified, especially if that content is laudatory of himself or his policies.
Donald Trump picks up unexpected ‘endorsement’
On Friday, Trump shared a post on Truth Social, from X, of a video originally posted to TikTok (stay with me here) of a random person quoting Warren Buffett as saying Trump is “making the best economic moves he’s seen in over 50 years.”
The video also goes on to claim that 94% of stocks are owned by just 8% of Americans (this isn’t true) and that Donald Trump’s tariffs and the subsequent market crash they’ve caused is a way for him to take wealth from the rich to give to the poor.
Of course, the video does not explain how a declining stock market redistributes wealth to the poor, but that section is near the end, and Trump may not have gotten that far into the one-minute and six-second video.
Trump reposted the video to the 9.4 million followers on his platform despite the obviously false information.
It took Warren Buffet himself to clear up the misconceptions that Trump’s social media account had spread.
Warren Buffett responds to Donald Trump
People posting misinformation on social media isn’t necessarily news, but the fact that the misinformation is being spread by the most powerful person in the world merits a response, and on Friday, Warren Buffett and Berkshire Hathaway gave him one.
Related: Congress members begin anti-tariff movement
“There are reports currently circulating on social media (including Twitter, Facebook and Tik Tok) regarding comments allegedly made by Warren E. Buffett. All such reports are false, the statement read.
Buffett is one of the most trusted investors and economists of our time, so when he speaks, people listen.
He is tied for fifth wealthiest person in the world with a $155 billion fortune. He is the only American in the top 20 to see his net worth increase so far this year.
Buffett has captured much attention in the past year for selling stocks to increase his cash position to $334 billion.
He is up $13 billion in 2025, while Elon Musk is down $130 billion. Berkshire Hathaway’s quarter shareholder meeting is scheduled for May 3.
Related: Veteran fund manager unveils eye-popping S&P 500 forecast
