‘All reports are false,’ Warren Buffet denies rumours of backing Donald Trump’s reciprocal tariffs

Chairman and CEO of Berkshire Hathaway, Warren Buffett, denies reports of supporting Donald Trump's reciprocal tariffs.

“There are reports currently circulating on social media (including Twitter, Facebook and Tik Tok) regarding comments allegedly made by Warren E. Buffett. All such reports are false,” Buffet said in a statement.

Donald Trump shares video about Warren Buffet

As the stock market crashed Friday amid China's response to reciprocal tariffs, Trump shared a video on Truth Social that claimed Buffett praised his recent economic duties on trading partners.

Meanwhile, the statement did not clarify which reports and social media posts claimed Buffet's support for Trump.

In the video shared by Trump, Buffet is mentioned, praising his policies.

“Trump is purposely crashing the stock market by 20% this month, but he's doing it on purpose. And this is why Warren Buffett just said Trump is making the best economic moves he's seen in over 50 years," the video from March 13 states.

Buffet on public statements

On Friday, Buffet said any quotes allegedly circulating on social media over the present economic situation are false, CNBC reported.

“He says that he’s not talking to anybody about anything related to the markets, the economy or tariffs, and that he will not be doing that between now and the annual meeting for Berkshire Hathaway, which takes place on Saturday, May 3,” the report said.

However, Buffett opened up reciprocal tariffs in an interview for CBS News on March 2.

“Tariffs are actually, we’ve had a lot of experience with them. They’re an act of war to some degree,” Buffet said.

On the state of the economy, he said, “I can’t talk about it now; I really can’t.”

Warren Buffet has refrained from commenting on politics and related topics in recent years as he does not want to hurt Berkshire’s businesses, reported AP. He has not publicly backed any candidate for office since Hillary Clinton ran for President.

Stock market crash

On Friday, the US stock market crashed, where the S&P 500 lost 6% and Dow Jones plunged 2,200 points after China announced 34% additional tariffs on the US in response to Donald Trump's reciprocal tariffs.

The US President, on April 2, announced to impose a 10% baseline tariff on all imports, while separate rates were announced for certain trading partners.