Warren Buffett takes aim at Trump in annual letter

Wall Street veteran Warren Buffett appeared to take aim at President Donald Trump over the weekend, after saying that individuals could not claim credit for success in the US economy.

In a letter to Berkshire Hathaway shareholders on Saturday, the billionaire said that “it is beyond arrogance for American businesses or individuals to boast that they have done it alone,” in an apparent swipe at Trump’s recent remarks about his own role in delivering prosperity.

Buffett’s comments come after a turbulent period for the US investor, whose Berkshire company lost more than $25bn (£19bn) in the final quarter of 2018. Such woes culminated last Friday when shares in Kraft Heinz tumbled almost 25 per cent, wiping more than $4bn of value off of Buffett’s holding in the company.

Read more: Kraft Heinz share price plunges as SEC probe and losses spook Wall Street

The US should “rejoice” when other countries have bright futures, Buffet added in his letter, saying that “Americans will be both more prosperous and safer if all nations thrive”.

The remarks from Buffett, who was a supporter of Hilary Clinton in the 2016 US election and is an investor in the Chinese electric car market, come after tumultuous trade talks between China and the US over the last year.