Trump tariffs hit Buffett's Berkshire consumer goods businesses
The conglomerate's consumer products group, which includes companies such as Fruit of the Loom, Jazwares and Brooks Sports, posted a 5.1% revenue decline in the second quarter from a year earlier to $189 million, due to lower volumes, tariffs and business restructurings.
Berkshire said tariffs produced delays in orders and shipments.
Still, the company said shoemaker Brooks' revenue increased 18.4% in the second quarter, as unit sales increased.
Buffett's conglomerate is closely watched by investors as its vast array of businesses in different sectors is seen as a microcosm of the broader U.S. economy.
In May, during Berkshire's annual meeting, Buffett strongly defended free trade, saying tariffs should not be a "weapon", adding: "Balanced trade is good for the world."
On Saturday, the conglomerate said its second-quarter operating income fell 4% to $11.16 billion, or about $7,760 per Class A share, from $11.6 billion a year earlier.
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