Warren Buffett: US workers are 'roadkill' in tariff wars

Channel: Fox Business
Published: 10 hours ago

Description
FBN's Liz Claman on Berkshire Hathaway CEO Warren Buffett's take on trade and the U.S. economy and speculation over the company's succession plan. FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall S...



Transcript
Three benefits everybody generally and hurt specific people specifically, and that is something i think the president as an educator in chief any president as an obligation to explain and that i think congress has an obligation to take care of the people that are roadkill. Investors can get killed by it, but they can diversify it, but a worker in textile mills can't diversify. They are 50 years ol ...
and all you've done is make shoes in maine become roadkill all right, responding to our let's claiming the most successful investor in human history. Warren buffett, the closing bell host living out back here. After no sleep he's looking at that was saying, you got ta be careful what youwish for right wars could accelerate if he noticed he's okay with tariffs, he said: we've lived through those through many presidents, george herbert walker, bush and george w obama, and he said that's Always going to be in play at certain points and he's not entirely against it, but he said the onus is on congress and the trump administration or any administration to make sure that us workers who have exposure don't become in his words roadkill when he said that To me whoa that that's a, but there are a lot of big companies that do that exposure right. I mean it's more significant than ever well for him, i asked him: do you have exposure tosanctions and tariffs all of them? He said all our companies they're about a 90, the numbers at around 90 70 outright and then they're bolt-ons on some of the bigger ones like lubrizol and marvin industries, but he said that they all have exposure. Now you know he's got the nebraska furniture mart a lot of chinese imported furniture. He has this company called a precision, steel warehouse. They do sheet steel, they do they do flat wire steel, hot tipped very, very vulnerable, but he said that's, that's not really the issue. He fully expects that they will always be hit with something some exhaustion us outside weird thing, but it was fascinating to see how many peoplewanted to know about the trade issue, and that was before president trump on sunday. Oh, that's right! Yeah um! What is? Is you the markets these days in this long, bull market and how he plays it? He never plays the market. He only plays that discipline buffett world view of i'm going to wait till something's cheap.

I would bet that early this morning, when the futures were down, he had his people buying stock because it looked like it was on discount. If you look at the futures right now, i mean you look at the market right now. We'Re way off the low. So did you miss your big window to buy something that was lessexpensive this morning than it is right now, when we find out about what he's been buying with its amazon or apple through his people or directly by him? How late is that word coming through? I know words a delay that we find out well. He has special dispensation from the securities and exchange commission kind of like you and me. Oh wait a minute! Don'T not like you and me right. He doesn't have to tell the world, because when buffett purchases something it will start to spike if the world knows because people tend to pile in, but with amazon, i asked him twice over the weekend. You know we had this funny moment on friday. Wherewe walked in to the arena and he normally isn't out there talking, but he was sitting there in a golf cart drinking a coke with charlie munger and they were just quiet. This was saturday, but in the golf cart i asked him, but you know what about amazon there? They are, i'm telling you neal, they were sitting there and they weren't. Talking and fans were around him and i said, are you guys must feel like zoo animals, but they don't know that you know everywhere. We go everywhere: yeah 95, incredible, he's hilarious and when i asked him i said, look at you you're, 95 and you're running around here.

He said: well, i'm slowing downlike myself. So let me get a sense of the crowds that come out for these things. They obviously want little pearls of wisdom. What did they leave with? They left with something extraordinarily important buffett, basically, in a way for his buffett ology, i believe, gave the biggest signal ever that he knows who is going to be taking over this company, and he hinted who it is. Fox business has always been saying that it would be gregg able of berkshire hathaway energy gregg gable is a canadian originally from alberta, very low-key, very buffett ii in that wave doesn't need the spotlight there. He is we caught up with him. He does not do interviews. Neil hedoesn't we caught up with him. We also caught up with him last year, the only network to do so, and i can tell you he just wants warren buffett in the spotlight, but he's brilliant and he's very involved in deal making. Interestingly, morin told me he was not involved at all in the occidental ten billion dollar offer that broke last friday to my anadarko. He said i didn't call anybody not gregg, not charlie. He moved ten billion dollars in the span of several hours, but gregg able can do that too.

He said, and i believe that that's that is the man orgy chain will always be in charge of the insurance business, but it's funnyjane and able. Well, you three kids they're all very wealthy at all, but he puts a sort of a price tag on that he gave several years ago each one of them, howard, suzy and peter a billion dollars each with the caveat that you have to start a foundation. Doesn'T matter what it is peter started one for women's rights. Howard. Does you know food insecurity around the world? Suzy, of course, is big on the sherwood foundation, which is also for young girls and women, and i mean maybe they got to skim some off the top for with some some cool nikes or something it okay, interest generate all that would take care of you. Andall. Do they mean it i mean, in other words, can they say sure pop? I got this charitable endeavor going yeah you and i i'd be like on the other liz claman shoe founding to well look forward to full full full rundown on countdown. You can catch your count out. The closing bell. 3:00 p. m. eastern time get behind whoa all those throngs us sharp elbows.

You didn't let anyone know you should see the other guy or gal should i say it was very funny to watch very informative.


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