Buffett opened the meeting’s first Q&A session addressing Trump’s tariffs against longtime trade partners, saying “trade should not be a weapon” and that the U.S. “should be looking to trade with the rest of the world.”

Buffett, who characterized tariffs as “an act of war, to some degree,” earlier this year, echoed his statement Saturday and said the U.S. has already “won,” adding it has “become an incredibly important country starting from nothing.”

When asked about America’s strength and status as an economic powerhouse, Buffett remained optimistic, saying “I would not get discouraged.”

The veteran investor also told shareholders he would like Berkshire Hathaway to have less cash on hand, potentially down to about $50 billion from the whopping $334 billion it reported having at the end of last year.