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Billionaire Warren Buffett on Saturday said it is not likely that the United States and China will come to loggerheads on trade, saying the two countries would avoid doing "something extremely foolish".

Speaking of the United States trade deficit, Buffett said he would not like the gap to get too wide, but "when you think about it, it's really not the worst thing in the world to have someone send you the goods that you want and for you to send a piece of paper".

Analysts say a list of hard-line demands that the Trump administration handed China this week could make it even more hard to resolve a trade conflict between the world's two largest economies. USA regulators imposed $1 billion of fines last month over lending abuses.

Buffett said the USA and China are the two dominant economic players in the world, which inevitably leads to conflict.

"We've had that in the past a few times, I think we learned a general lesson on it".

The questions at the meeting always include a few focused more on life lessons than investing.

But he maintained that the bank was not "inferior", as an investment or morally, to its main rivals.

"Like any two big economic entities, there will be times when there are tensions", Buffett said.

Wells Fargo investors last week gave strong backing to the bank's directors and executives on Tuesday, indicating they are ready to give its revamped leadership time to rebuild from scandals that included its employees opening potentially millions of sham accounts.

Buffett addressed his alliance with another banker, JPMorgan Chase & Co's Jamie Dimon, and Amazon's Jeff Bezos to tackle healthcare.

"When you think about it, it's really not the worst thing in the world for someone to send you things you want and you hand them a piece of paper", Buffett said. Buffett said USA healthcare costs are a tapeworm on the economy, and he said the venture partners expect to name a chief executive within a couple months.

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Berkshire investors are also eager to see how Buffett might spend the company's $116 billion in cash and short-term investments.

At the annual shareholder meeting of Berkshire Hathaway Inc's, Buffett credited Apple Inc.

Billionaire Warren Buffett says Wells Fargo is cleaning up its act after the misconduct at the bank in recent years.

The accounting change required Berkshire to report unrealized losses in its equity portfolio, which totaled $170.5 billion at year end, regardless of whether it planned to sell those stocks.

Berkshire's assorted manufacturing, service and retail businesses generated $1.8 billion net income, up from $1.3 billion a year ago.

But operating profit, which excludes investment and derivative gains and losses, rose 49 percent to a record $5.

Berkshire's insurance unit, which includes Geico and several large reinsurance firms, reported a $407 million underwriting profit, compared with a $267 million loss a year ago.

A cutout of Warren Buffett is seen among Berkshire Hathaway shareholders on the exhibit floor at the CenturyLink Center in Omaha, Neb., Friday, May 4, 2018, where Berkshire brands display their products and services.

William Robertson, a Scotland native who fights fires and does forestry work in Switzerland, said he lined up at 11:30 p.m. Friday, 7-1/2 hours before doors opened.

This year's meeting is his third.

"We very much approve of them repurchasing shares".

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