Video News Clips: In Their Own Words

‘Guilty Of Being Stupid’: Warren Buffett’s No. 2 Says US Should ‘Get Along With China’ And Have ‘A Lot Of Free Trade’

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The vice chairman of Berkshire Hathaway said that the United States should “get along with China” in a video clip that aired Monday.

“There’s been some tension in the economic relationship of United States and China. I think that that tension has been wrongly created on both sides,” Charlie Munger said during video of a Saturday event held by Berskhire Hathaway that aired on Fox Business Network. “I think we’re equally guilty of being stupid. If there’s one thing we should do, it’s get along with China, and we should have a lot of free trade with China.”

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Berkshire Hathaway sold a portion of its investment in BYD, a Chinese electric vehicle maker, making about $60 million, Barron’s reported. The company’s holdings in BYD had been as high as $7 billion prior to a series of stock sales, according to Barron’s.

The Biden administration is considering easing restrictions on American investments in the People’s Republic of China via executive order, Politico reported in March.

Republican presidential candidates like former President Donald Trump and businessman Vivek Ramaswamy have called for tougher action against China on trade issues. Imports of goods and services from China by the United States reached $450.4 billion in 2020, according to the United States Trade Representative, leading to a $310.3 billion trade deficit.

Some seeking to cut trade ties with China or reduce dependence cite that country’s conduct, including a spy balloon that crossed the United States before it was shot down by an Air Force F-22 Raptor Feb. 4. The Justice Department chargedtwo men April 17 who helped operate a “police station” in New York City for Chinese authorities, who allegedly used it to harass and target dissidents following the indictment of multiple Chinese officials for their role in the alleged scheme.