"The benefits are huge and the world is dependent on it in a major way for its progress", he said.
Investors in America tend to turn to Mr Buffett and see what he is doing with his billions during bad times. "It's going to get worse, not better", CNBC quoted Buffett as saying at the company's annual meeting held at Omaha city in the U.S. state of Nebraska late on Saturday.
"The United States and China are going to be the two superpowers of the world, economically and in other ways, for a long, long, long time", Buffett said, adding that any tensions should not jeopardize the win-win benefits from trade.
Buffett also said that he doesn't think the two countries will "do anything that will precipitate in a trade war".
Both Democrats and Republicans in the U.S. believe in the benefits of free trade, he said.
Last week, Apple reported its profit in the first three months of the year stood at $13.8 billion, a 25 percent increase from the corresponding period 12 months earlier.
Buffett said that the buyback program would be the most effective use of the company's cash. A delegation made up of representatives from the Trump administration spent Thursday and Friday in China negotiating possible changes to the US-China trade relationship. He said cyber risk is part of his estimate that every year carries about a 2% chance of a super catastrophe that would cause US$400 billion (RM1.58 trillion) or more of insured losses.
Buffett hinted at the idea that these crackdowns might be a temporary hiccup in the trading relationship.
The investor expressed scepticism that any insurance company can assess the risk for cybersecurity events, the CNBC report said.
Buffett also insisted the trade deficit, which Trump has consistently bemoaned, is not really a problem for the US. "I don't think that we should have a question on the GEICO policyholder form, 'are you an NRA member?,' you know, if you are, you just aren't good enough for us".