OMAHA: Warren Buffett warned of the perils of excessive tariffs, saying they should not be a “weapon” and that the United States would be more prosperous if other countries were.

Buffett spoke at Berkshire Hathaway’s annual meeting on Saturday, after the conglomerate he built over 60 years showed it remained cautious about markets, allowing its cash stake to grow to a record $347.7 billion.

The 94-year-old billionaire, arguably the world’s most revered investor, had said very little about US President Donald Trump’s tariff policies, which unsettled many investors and caused big declines in stock markets........

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