Buffett warned of a trade deficit in 2003 Fortune OP-ED and proposed import certificates but says that trade should not be a gun

• Warren Buffett, CEO of Berkshire Hathaway asked about his 2003 year Treasure OP-ed, where he called for import certificates to ensure trade shortcomings. He admitted that the idea was a “trick”, but it was better than the current state of trade, referring to President Donald Trump's aggressive tariffs.

Warren Buffett, CEO of Berkshire Hathaway, was asked the 2003 OP-ED he wrote Treasure A warning of trade deficit, but told shareholders on Saturday that trade should not be used as a weapon.

Comments come when investors applied for the aggressive tariffs of his President Donald Trump to reduce US trade deficit, although he did not directly deal with Trump's or his liberation obligations that have passed through the stock market and have begun through foreign relations.

Buffett proposed “Import certificates” (IC) to balance his OP-ed to balance instead of using tariffs instead of trade. During the annual meeting of Berkshire Hathaway, Buffett was asked whether he thinks the imports of imports are different from the tariffs.

“It's a trick, but it's definitely much better than something I'm talking about right now,” Buffett replied. “And there is no doubt that trade may be a war, and I think it is caused by bad things, just the attitude it brings out.”

Importing certificates are basically credits that are issued to exporters in the “amount equivalent to their export dollar value,” wrote Buffett OP-EED. These exporters would then be able to sell their certificates either internationally or to domestic importers.

“For example, a million dollars to import goods would require importer IC, which was a $ 1 million by -product,” Buffett wrote. “Inevitable result: trade balance.”

On Saturday, he warned that “trade should not be a weapon”, adding that the US has generally been a winner in the US.

“The wealthier the world becomes, it is not at our expense,” Buffett said. “The more prosperous we become and the safer the safer and your children will ever feel.”

He also referred to the beginning of American trade about 250 years ago, saying that they are still the cornerstone of economic success and the US should continue trade.

“In the United States, I think we should look for the rest of the world and we should do what we do best,” Buffett said.

This story was originally reflected on Fortune.com