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Trump's Tariffs Deal a Heavy Blow to Buffett's Berkshire Hathaway Consumer Business
BlockBeats News, August 2nd. Berkshire Hathaway (BRK.A.N, BRK.B.N), owned by Warren Buffett, stated that its consumer business has been impacted by the trade policy of US President Trump, as the policy has raised import tariffs. The consumer goods division of this conglomerate (including brands such as Fruit of the Loom, Jazwares, and Brooks Sports) saw a 5.1% year-on-year revenue decline to $189 million in the second quarter, mainly due to a decrease in sales, tariff impact, and business restructuring.
Berkshire mentioned that the tariff policy has caused delays in order deliveries. However, the company noted that the sportswear brand Brooks achieved a contrary 18.4% revenue growth this quarter, benefiting from increased sales. As Berkshire's business spans across multiple economic sectors, its operational status is seen as a microcosm of the US economy, attracting significant investor attention. During Berkshire's annual meeting in May this year, Buffett staunchly supported free trade, stating that tariffs should not be used as a "weapon," and emphasizing that "balanced trade is beneficial to the world." (Golden Finance)
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