Warren Buffett at the Forbes Media Centennial Celebration September 19, 2017. Photo: Taylor Hill/FilmMagic

At Berkshire Hathaway's annual meeting Saturday, billionaire Warren Buffett said that the U.S. and China will avoid doing "something extremely foolish," amid a trade war between the two global powers, reports Reuters.

“It is just too big and too obvious for that the benefits are huge and the world is dependent on it in a major way for its progress that two intelligent countries will do something extremely foolish... We both (U.S. and China) may do things that are mildly foolish from time to time. There is some give and take.”
— Warren Buffett at the annual Berkshire Hathaway meeting in Omaha

The backdrop: A high-level delegation of U.S. officials, led by Treasury Secretary Steven Mnuchin, has recently returned from Beijing after holding trade talks with the Chinese. Both Washington and China have laid out their demands to mitigate the trade disputes.

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