Omaha, Nebraska - Berkshire Hathaway CEO Warren Buffett shocked shareholders when he announced his resignation during Saturday's annual gathering. In the hours before this, the billionaire spoke about various topics throughout the business and politics.

This is the biggest gain of Buffett's 4.5-hour Q&A session:

News of Buffett's announcement of leaving the CEO position will define the meeting. Buffett suggested that non-insurance vice-chairman Greg Abel be asked along with Omaha’s Oracle.

Buffett plans to formally announce his plan to the board on Sunday. From there, he said, the board can decide on the best path ahead and make the necessary arrangements. Buffett's goal is to decline year by year.

"Omaha's Oracle" said two of his previous tells him were also children of Howie and Suzy, who were also board members. He added that other board members were unaware that the news was coming.

"I think it's time for Greg to become CEO by the end of the year," Buffett said.

Buffett said he will "hang out" to help the company and will not sell any shares.

Buffett reiterated his concerns about tariffs and made his most direct comment on the subject. His latest statement is growing concern that President Donald Trump's plan to impose huge taxes could put the economy into recession.

“Trade shouldn’t be a weapon,” Buffett said. “I do think the more prosperous the rest of the world becomes, it won’t come at our cost, the more prosperous we become, the more prosperous we feel, and your kids will feel one day.”

He added that trade and tariffs “could be an act of war.” Buffett also said the United States should seek to trade with other countries and let them "do their best."

Buffett did not mention Trump when discussing the impact of these trade plans.

He said Buffett has not stopped recent market volatility after the announcement of these tariffs, despite concerns about the potential economic impact of U.S. tariffs.

"What happened in the past 30 or 45 days... really didn't," he said.

Buffett said he would not describe the recent turmoil in the market as a "huge" move. this S&P 500 Its winning streak was the longest in the two decades after the slideshow of sending it to bear territory, which was nearly 20% dropping in the recent highs in the day.

It is worth noting that the Berkshire chief said that he would invest 50% of the conglomerate's stock in a "perfect opportunity."

"At least it won't bother me," he said.

Although Trump's tariffs question U.S. leadership at the global economic stage, Buffett still wants the country to lead.

"We've had a good recession, went through World War II, and we've been through the development of the atomic bomb I've never dreamed of when I was born, so I won't be discouraged because it doesn't seem to solve all the problems we've solved," Buffett said. "If I were born today, I just kept on negotiating in the womb until they said you could be in the United States."

Buffett's father is a member of Congress, and he called the day he was born in the United States "the luckiest day of my life."

Asked about Trump's administration efficiency initiatives often referred to as "the threshold", Buffett said he found the country's growing deficit.

"We are in a fiscal deficit right now, which is unsustainable for a long time. We don't know if it means two years or 20 years, because there has never been a country like the United States, but it's something that can never last."

Buffett didn’t discuss Doge in particular, but said he believes it is valuable to reduce government spending to a sustainable level.

"It's a job I don't want, but it's a job I think should be done," he said. "It doesn't seem like Congress is doing that."

Buffett revealed that he almost (but ultimately did not) put the company's record-breaking cash inventory into work.

“For example, not too long ago, we spent almost $10 billion, but we spent $100 billion,” he said. “I mean, these decisions are not difficult when it comes to providing something that makes sense to us, we understand and provide good value.”

When investors want to know what Berkshire's next game will be, his comments come. At the end of the first quarter, the company had more than $330 billion in cash.

Click here For all the highlights written by CNBC reporters on Omaha and Englewood Cliffs, NJ.