Warren Buffett has finally shared what he thinks about tariffs.

The famed investor and CEO of multinational conglomerate holding company Berkshire Hathaway (BRK.B) on Saturday talked about America’s trade wars, calling them a “big mistake” at the firm’s annual shareholding meeting at CHI Health Center in Omaha, Nebraska.

“Trade should not be a weapon,” said Buffett. He also said that “trade could be an act of war.”

Before Buffett spoke, Berkshire released its quarterly report, where it said tariffs could have a negative impact on its growth.

“Changes in macroeconomic conditions and geopolitical events, including changes in international trade policies and tariffs, may negatively affect our operating results and the values of our investments in equity securities and of our operating businesses,” Berkshire said Saturday in its quarterly note. “We are currently unable to reliably predict the nature, timing or magnitude of the potential economic consequences of any such changes or the impacts on our Consolidated Financial Statements.”

Berkshire’s operating earnings fell 14% for the first three months of the year. Its insurance underwriting business made $1.33 billion in the first quarter, a nearly 50% decline from the first quarter of 2024, when the conglomerate’s insurance underwriting arm generated nearly $2.6 billion.

The “Oracle of Omaha” arrived at the event, which is shown live on CNBC, with heavy security and after shares of Berkshire hit a record high on Friday. Former Democratic presidential nominee Hillary Clinton and Apple CEO Tim Cook were also in attendance.

Speaking from the weekend event dubbed “Woodstock for Capitalists,” Buffett’s long-awaited comments come as concerns grow about markets and the economy. Major indexes in recent weeks have plunged, surged and bounced around in every direction over uncertainty about President Donald Trump’s sweeping tariffs and the effects they may have on the global economy.

Buffett, 94, is expected to discuss his succession plans. He has been with Berkshire since it was formed in 1965.

This is a developing story and will be updated.

CNN’s Luciana Lopez and Robert Ilich contributed to this report.