Trade should not be a weapon,” he said at Berkshire’s annual shareholders’ meeting. Investors had been awaiting his comments on trade, given the conglomerate’s status as an economic bellwether.

Apple on Thursday trimmed its share buyback program by $10 billion, with CEO Tim Cook telling analysts that tariffs could add about $900 million in costs this quarter as the iPhone maker shifts its vast supply chain to minimize the impact of President Donald Trump's trade war.