Berkshire Meeting: Buffett on Trade: 'A Capitalist System Will Always Hurt Some People'

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The last question of the day once again pushes into the heart of capitalism and politics. Simply put: How does Mr. Buffett feel about companies that save a penny by putting jobs overseas?

He said that while there are some concerns, it broadly doesn't bother him.

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"I'm afraid a capitalist system will always hurt some people," he said.

It's key for the government and society to make sure that the people who lose their jobs aren't just roadkill, he added, noting all members of the society should see the benefits of free trade.

He said that a very rich society is beneficial to society overall and can help people.

That said, it's up to government and society to put that in action. Something he worries about given the latest tax plan proposed by President Trump lowers his taxes by more than 15%.

Click here to see the full live coverage of Warren Buffett at Berkshire Hathaway's annual meeting:

Write to Geoffrey Rogow at

(END) Dow Jones Newswires

May 06, 2017 16:55 ET (20:55 GMT)