Buffett warns U.S. trade deficit could cause 'political turmoil'

The U.S. trade deficit soared to a record $665.9 billion in 2004, and Buffett said he expects it to top $700 billion this year.

“That’s $2 billion a day. We are like a super rich family that owns a farm the size of Texas.
You sell off a little bit of the farm and you don’t see it,” he said.

Fifteen years ago, the U.S. had no trade deficit with China, he said.“Now it’s $200 billion.

If we don’t change the course, the rest of the world could own $15 trillion of us. That’s pretty substantial. That’s equal to the value of all American stock,” Buffett said.

“That’s the big danger. Our national debt does not bother me. Our public debt is not at a crazy level,” he said.

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