Trump's Tariffs Affect Berkshire Hathaway Group Owned by Billionaire Warren Buffett
August 2, 202567 ViewsRead Time: 1 minutes
Font Size
16
Berkshire Hathaway, owned by American billionaire Warren Buffett, announced today, Saturday, that its companies in the consumer goods sector have been affected by the trade policy of President Donald Trump, which raised tariffs on imported goods.
The consumer products companies under the group, including Fruit of the Loom, Geico, and Brooks Sports, recorded a 5.1% decline in revenue in the second quarter to $189 million year-on-year, due to decreased volumes, tariffs, and restructuring of companies.
Berkshire stated that the tariffs have led to delays in orders and shipments.
The consumer products companies under the group, including Fruit of the Loom, Geico, and Brooks Sports, recorded a 5.1% decline in revenue in the second quarter to $189 million year-on-year, due to decreased volumes, tariffs, and restructuring of companies.
Berkshire stated that the tariffs have led to delays in orders and shipments.
However, the group said that revenue from Brooks, the shoe manufacturing company, rose 18.4% in the second quarter with increased sales.
Investors are closely monitoring the results of Berkshire Hathaway and other major groups in various sectors as a miniature model of the broader American economy.
In May, during the annual Berkshire meeting, Buffett strongly defended free trade, stating that tariffs should not be a "weapon," emphasizing that "balanced trade is beneficial for the world."
