Billionaire investor Warren Buffett called tariffs "an act of war, to some degree" when asked about President Donald Trump's plans for goods from other countries.
Trump's 25% tariff on goods from Mexico and Canada, and an additional 10% on Chinese imports, took effect Tuesday.
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During an interview with CBS News televised Sunday, Buffett was asked about the impact of tariffs on the U.S. economy.
"Actually, we've had a lot of experience with them [tariffs]," Buffett, 94, said. "They're an act of war, to some degree."
In response to Trump's move, Canadian Prime Minister Justin Trudeau said his country will slap tariffs on more than $100 billion of American goods over the course of 21 days. China retaliated with tariffs of up to 15% on a wide array of U.S. farm exports, and also expanded the number of U.S. companies subject to export controls and other restrictions by about two dozen.
Some economists have warned that tariffs could reheat inflation, with prices increasing on goods that rely on international supply chains, from electronics to vehicles, CNN reported.
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"Over time, they're a tax on goods. I mean, the tooth fairy doesn't pay 'em!" Buffett said. "And then what? You always have to ask that question in economics. You always say, 'And then what?'"
Buffett, who met with CBS News to discuss a documentary about former Washington Post Publisher Katharine Graham, refused to comment on the current state of the economy.
"Well, I think that's the most interesting subject in the world, but I won't talk, I can't talk about it, though. I really can't," said Buffett, CEO of Berkshire Hathaway.
In his annual letter to shareholders last month, Buffett offered some advice to Trump.
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"Thank you, Uncle Sam. Someday your nieces and nephews at Berkshire hope to send you even larger payments than we did in 2024. Spend it wisely. Take care of the many who, for no fault of their own, get the short straws in life. They deserve better. And never forget that we need you to maintain a stable currency and that result requires both wisdom and vigilance on your part," Buffett wrote.
The Associated Press contributed to this story.
Charlie McCarthy ✉
Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.
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