News Wrap: Warren Buffett warns against U.S. using trade as a weapon

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• John Yang:

  In tonight's other news, billionaire investor Warren Buffett said the United States should not use trade as a weapon. Buffett, who's the fifth richest person in the world, made the comments during today's annual meeting of Berkshire Hathaway, where he's CEO. He also announced that he'll be retiring at the end of the year when he'll be 95.

  Meanwhile, President Trump brushed aside recession fears in an interview for tomorrow's Meet the Press on NBC. Mr. Trump said the pains of this transition period will lead to a flourishing economy.

• Kristen Welker:

  It's the same question. Yeah.

• Donald Trump, U.S. President:

  There are many people on Wall Street say this is going to be the greatest windfall ever happened.

• Kristen Welker:

  And that's my question. Long term, is it OK in the short term to have a recession?

• Donald Trump:

  Look, yes, everything's OK. What we are. I said this is a transition period. I think we're going to do fantastically.

• John Yang:

  This week, new government numbers showed that the U.S. economy shrank in the first three months of the year. That's the first drop in three years. Imports in the first quarter surged as companies tried to beat tariff deadlines.

  The tariffs on cars and car parts kicked in today with significant changes intended to blunt the impact on U.S. carmakers. This week, Mr. Trump signed an executive order to ease the levy car manufacturers would pay on vehicles assembled in the U.S. with parts made in another country. The move came after U.S. carmakers said the tariffs could raise prices and shrink sales. The White House maintains the tariffs will create an incentive for them to create more jobs in the United States.

  Overseas In Ukraine, dozens of people were injured in an overnight drone strike in Kharkiv. Ukraine's air force said Russia launched nearly 200 drones and decoys and two ballistic missiles. Drone strikes in several places in Kharkiv, including residential buildings and cars, injured 47 people.

  It comes a day after the country's president, Volodymyr Zelenskyy, said Ukraine is ready for a 30-day ceasefire, which the United States has also proposed.

  And critics are speaking out about an artificial intelligence generated image that President Trump posted last night to his social media platform. It shows him seated, dressed as the pope. Later, it was reposted on the official White House account on X. In a post of their own, the Catholic bishops of New York State said there is nothing clever or funny about this image. Mr. President. We just buried our beloved Pope Francis and the cardinals are about to enter a solemn conclave to elect a new successor of St Peter. Do not mock us.