5/6, 1:32 PM (Source: TeleTrader)
more TeleTrader news

US didn't expect China to be economic superpower - Buffett

Berkshire Hathaway CEO Warren Buffett told CNBC on Monday that, 50 years ago, the United States did not expect China to become the economic superpower it is today.

Reflecting on the tensions between the two countries, Buffett stressed that such developments are expected as China and the US are the world's largest superpowers and will remain that over the next 100 years. He noted that Beijing and Washington will "always have tensions" between them and added that the areas of conflict could be intellectual property issues, trade, as well as China's policies towards its neighbors.

According to Buffett, it is in the interest of both sides to enter negotiations and try to reach deals which are "good for both sides" but that such solutions will not always be possible and both the US and China will feel they "lost" at times. His comments come after US President Donald Trump complained about the US "losing" $500 billion every year on trade with China and vowed to put an end to that practice by hiking import tariffs.

Breaking the News / NP