Expect significant new tariffs on Chinese imports and moderate levies on goods from other nations , as President-elect Donald Trump rolls out his protectionist agenda. However, with his preference for chaotic policymaking and sudden shifts , there’s uncertainty on how soon these import taxes will actually hit. Dubbed “ Tariff Man ,” Trump aims to use tariffs both strategically and tactically . He’s mentioned taxing all Chinese goods up to 60% and potentially setting 10%-20% tariffs on imports globally , but details on these plans remain vague . Key players within Trump’s team are divided: Robert Lighthizer , a staunch tariff advocate, sees permanent duties as crucial to balance US trade , while others, like billionaires John Paulson and Scott Bessent , view tariffs as temporary leverage. Trump’s previous administration had mixed feelings, especially on national security-related trade limits , which he sometimes dismissed, favoring an “open for business” approach. High-profile busin
Warren Buffett’s Berkshire Hathaway Inc. disclosed its third disposal of Bank of America Corp shares this month, reducing its massive stake in the lender by more than $3 billion.
From July 25 to 29, Berkshire sold $767 million of the stock, according to a regulatory filing Monday. This, along with previous sales, decreased Berkshire's holdings by 6.9% this month. Despite the reduction, Berkshire still holds almost 962 million shares, valued at $39.5 billion at Monday’s closing price.
This marks Buffett’s largest pullback from a long-held investment that has symbolized confidence in Bank of America CEO Brian Moynihan. The stock has risen 22% this year, allowing the 93-year-old investor to cash out profitably.
Neither Berkshire nor Bank of America representatives commented on the sales.
Buffett's initial investment in 2011, during a tumultuous period for the bank following the 2008 financial crisis, included $5 billion in preferred stock and the right to buy common shares. His endorsement alleviated public doubts and increased the stock value, resulting in substantial profits for Berkshire.
Over the following decade, Berkshire continued to invest, eventually surpassing a 10% stake with regulatory approval. Last year, while adjusting other financial-industry investments, Buffett expressed his intention to retain his stake in Bank of America, praising CEO Brian Moynihan.
Key Takeaways:
- Berkshire Hathaway sold over $3 billion worth of Bank of America shares this month.
- Latest sales reduced Berkshire's stake by 6.9%.
- Despite reductions, Berkshire still holds shares worth $39.5 billion.
- Buffett initially invested $5 billion in Bank of America in 2011, supporting the bank during a challenging period.
- Stock has risen 22% this year, allowing profitable cash-out.
- Buffett previously indicated a strong preference to retain his stake in Bank of America.
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