OMAHA, Neb. (AP) — Warren Buffett says the economy is slowing amid fears about the virus outbreak in China, but he remains confident in the long-term future of American business.

The billionaire appeared on CNBC Monday after releasing his annual letter to Berkshire Hathaway shareholders over the weekend.

Buffett said the reports he gets from Berkshire's range of more than 90 businesses and stock investments show that business is a little softer now than it was six months ago.

Also, a variety of businesses are being hurt by the virus outbreak in China.

For instance, he said many of Berkshire's roughly 1,000 Dairy Queen stores in China are closed.

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