Warren Buffett has issued a dire warning about the future under Donald Trump as he steps down from Berkshire Hathaway.

The legendary 94-year-old investor, who is the sixth-richest person in the world, has announced he will be stepping down from his position as Chief Executive at Berkshire Hathaway after steering the ship for more than 55 years.

Buffett made the shock announcement at the company’s annual shareholder meeting from his home city of Omaha, Nebraska, on Saturday (May 3), just hours after he issued a grave warning about President Trump‘s tariffs.

Though he didn’t explicitly name Trump, the philanthropist said the president’s tariffs plan could pose some serious consequences for the US, its trading partners and global business, dubbing the initiative a ‘big mistake’.

Speaking at the meeting, Buffett said trade ‘should not be a weapon’ before adding: “There’s no question that trade can be an act of war.”

Warren Buffett stunned the audience on Saturday (Eric Francis/Getty Images)

“There’s nothing like it. And it’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done,” he said.

The father-of-three suggested that while he agreed trade ought to be negotiated between countries, it should be used for the good of the US, not to make other countries ‘envious’.

“We should be looking to trade with the rest of the world. We should do what we do best and they should do what they do best,” Buffett added. “We want a prosperous world but eight countries with nuclear weapons, including a few that I would call quite unstable.

“I do not think it’s a great idea where a few countries say ‘hahaha we won,’ and other countries are envious.”

His comments came before the so-called ‘Oracle of Omaha’ stunned the audience with his plans to step down.

But no one was more stunned than chairperson Greg Abel, who apparently none-the-wiser to Buffett’s retirement, let alone his recommendation that Abel become the new CEO by the end of the year.

While sitting next to him on the stage, Buffett announced: “I think the time has arrived where Greg should become the Chief Executive Officer of the company at year end.”

It was later revealed only his two children, Howard and Susie Buffett, who also sit on the board, had been looped-in on the plan.

Buffett has continuously swotted away any rumors of his retirement, saying up until recently that he had no plans in motion to give up Berkshire Hathaway anytime soon – and doubled-down that it’s still not for sale.

Greg Abel is tipped for the role (David Paul Morris/Bloomberg via Getty Images)

“I have no intention – zero – of selling one share of Berkshire Hathaway,” he said. “I will give it away eventually.

“The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.”

Buffett also said he would ‘hang around’ to help Abel transition into the position, though he has long been designated as the potential successor and already manages much of the company’s non-insurance businesses.

According to Forbes, Buffett has a ginormous fortune estimated at around $168 billion which he has pledged he will give away to charity rather than pass it down to his children, Susan, Howard and Peter.

He said in a letter that he decided he didn’t want to create a ‘dynasty’ or ‘pursue any plan that extended beyond the children’.

“I know the three well and trust them completely. Future generations are another matter,” he said at the time. “Who can foresee the priorities, intelligence and fidelity of successive generations to deal with the distribution of extraordinary wealth amid what may be a far different philanthropic landscape?”

US Treasury Scott Bessent has announced ‘an agreement’ between the US and China.

Since Donald Trump announced April 2 as ‘Liberation Day’ for the US, unleashing tariffs on countries across the globe, the US and China have ended up in a brutal game of tariff table tennis.

China ended up the worst hit by the POTUS’ tariffs – tariffs reaching as high as 145 percent on some items.

However, despite Trump’s warnings, the country hit back, unveiling its own counter-tariffs as high as 125 percent.

Over a month later, after negotiating with China in Geneva, Bessent revealed during a press conference that the US and China have at least agreed to a ’90-day pause’ to tariffs.

Whether this will mark an end to the trade war altogether, we’ll have to wait and see, but Bessent revealed both sides have also agreed to slash tariffs too.

He said: “[Both sides have also agreed to] substantially move down the tariff level. Both sides on the reciprocal tariffs will move their tariffs down 115 percent.”

China was charged as high as 125 percent on some US goods, and the US charged 145 percent on some Chinese imports.

The rates are subsequently set to fall to 10 percent and 30 percent for the 90-day period ahead. However, the US’ measures were placed on China in a bid to tackle the illegal trade in fentanyl reportedly remain.

US trade representative Jamieson Greer noted: “Both the Chinese and United States agreed to work constructively together on fentanyl and there’s a positive path forward there as well.”

The pause is reported as beginning on May 14, with both countries set to ‘establish a mechanism to continue discussions about economic and trade relation,’ as per a joint statement on the deal quoted by the BBC.

China and the US have reached an ‘agreement’ (Qilai Shen/Bloomberg via Getty Images)

It follows Chinese Vice Premier He Lifeng reflecting on discussions as being ‘constructive,’ state news agency Xinhua reports.

China’s ministry of commerce said in a statement, as quoted by the Financial Times: “We believe that continued consultations will help resolve issues of concern to both sides in the economic and trade fields.”

Bessent added during the press briefing this morning: “We want more balanced trade, and I think both sides are committed to achieving that. Neither side wants a decoupling.”

Beijing’s ministry of commerce added: “[China and the US have agreed to] continue to advance related work in a spirit of mutual openness, continuous communication, co-operation and mutual respect.”

President Donald Trump still remains confident that he has made the correct and crucial decisions to improve the American economy despite his critics.

In case you had somehow missed the wild international stand offs caused by the US, things are continuing to heat up as President Donald Trump reflects on the economic fallout.

On April 2nd, Trump announced his ‘Liberation Day’ plan and revealed new tariffs for countries around the world, allies and long-standing trade partners included.

Alongside slapping a 25 percent tariff on all foreign-made automobiles and a baseline 10 percent tariff on all countries – except those compliant with the USMCA free trade agreement between Mexico, Canada and the US – Trump is charging non-compliant countries 25 percent, with UK imports at 10 percent, and EU goods at a 20 percent tariff.

While many nation’s leaders have spoken out saying they are happy to strike a new deal to avoid tariffs, they have also warned they will hit the US with their own tariffs, most notably China who seems to be engaged in a new trade war with America.

Trump has insisted he knows what he is doing and that his plan will work for the American people (Anna Moneymaker/Getty Images)

Trump has remained firm that this economic plan will see the ‘American industry reborn’ and will ultimately benefit the American people.

On Wednesday (Apr 9) the US government finally began collecting tariffs imposed on 90 countries, including an astounding 104% levy on China.

Speaking at a White House event on Tuesday (April 8), Trump also revealed how much money the US was reportedly making.

He stated that US was already ‘taking in almost $2 billion a day in tariffs.’

As well as this, Trump insisted many countries were desperate to strike up a deal to avoid the tariffs.

He said: “These countries are calling me up, kissing my a**… they are dying to make a deal…”

Trump also insisted many countries were trying to strike up deals to avoid tariffs(SAUL LOEB/AFP via Getty Images)

Mocking how countries were groveling, he mimicked them adding: “Please, please, sir, make a deal. I’ll do anything.'”

He continued: “I really think we are helped by the tariff situation that is going on which is a good situation, not bad, its great.

“It is going to be legendary, you watch, legendary in a positive way, I have to say.

“That is why additional tariffs on Chinese goods are in place effective midnight tonight at 104% until they make a deal with us that is what it is going to be.

“I think they’ll make a deal at some point, China wants to make a deal, they really do, they just don’t know how to get it started because they are proud people.”

The US President’s orange aesthetic could be in jeopardy, thanks to his own aggressive tariffs policy.

Donald Trump‘s bid to ‘Make America Wealthy Again’ by inflicting high tariffs on foreign imports could be having the opposite effect, as US consumers face paying higher prices at the checkout for foreign goods.

The POTUS announced on April 2, which he dubbed ‘Liberation Day,’ that more than 60 countries would face a baseline tariff of 10 per cent or more on their products coming into the states, which has since seen the stock market plummet in sheer chaos.

The sweeping tariffs, applied to countries ‘whether friend or foe,’ were rolled out as of midnight, while he said a second lot of taxes would apply to the ‘worst offenders’ as of April 9, including a 20 per cent tariff on goods from the European Union and 34 per cent tariff on China, amongst others.

It’s clear the president loves an orange glow (Kevin Dietsch/Getty Images)

Trump has since somewhat dialled back the threat, instead announcing a 90-day tariff pause for everyone hit by tariffs that are over 10 per cent.

Well, almost everyone, as the POTUS has ended up sparking tariff table tennis with China by announcing goods from the country will instead be raised to 125 per cent.

Anyway, economists and dozens of US industries have warned the country’s trade war with the world could see Americans pay even more on everything from cars to groceries and other essentials like electricity, as manufacturers are likely to pass on the costs to consumers.

This will come if countries hit the US back with counter-tariffs, as Canada, the EU and China have already vowed to do.

However, while citizens are facing a significant new premium on many goods from abroad, a somewhat unexpected consequence of the row could see the US looking a bit paler, as fake tan and tanning oils are amongst the list of the heavily taxed.

America’s most popular bronzer comes from the UK brand, St.Tropez, reports the Daily Star, which will cost US residents 10 per cent more amid the hikes.

Trump’s own tariffs could see Americans paying more for fake tan (Chip Somodevilla/Getty Images)

Meanwhile, the president’s rumored preferred tanning cream, Bronx Colors, faces a huge 31 per cent increase, as it is believed his signature orange glow comes into the country from Switzerland.

The Swiss beauty brand claims to make Trump’s favorite cream and although the president has historically been tight-lipped about his radiant complexion and regimen, it has been reported he must have precisely 2.5 containers of Bronx Colors Boosting Hydrating Concealer, in the color orange, within reach at all times.

A senior White House official attempted to tame reports on Trump’s reliance on tanning products in 2019, saying his tangerine tint boils down to ‘good genes’.

But celebrity makeup artist Safia Cox said it’s obvious he’s ‘slapping some sort of cream product on,’ adding: “You can see the rim around his face. If you look closely at his hairline, it’s very pale.”

She said to The Mirror: “I think he uses some sort of fake tan or tinted moisturiser with a bronzer.”