Warren Buffett says tariffs are ‘an act of war, to some degree’

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Warren Buffett says tariffs are ‘an act of war, to some degree’

Berkshire Hathaway CEO Warren Buffett says tariffs become “a tax on goods” over time.Daniel Zuchnik / Getty Images

Tariffs are “an act of war, to some degree,”

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The Berkshire Hathaway chairman and CEO told CBS, “Over time, they are a tax on goods.”

Trump has threatened tariffs against several countries, which some warn could hurt the US.

Warren Buffett is one of the world’s most legendary investors. So, what does he think of tariffs and how they’ll affect the economy?

The billionaire

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says tariffs are “an act of war, to some degree.”

“Over time, they are a tax on goods. I mean, the Tooth Fairy doesn’t pay ’em!” he said in an

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with “CBS News Sunday Morning” when asked how tariffs would impact inflation. “And then what? You always have to ask that question in economics. You always say, ‘And then what?'”

When asked about the current economy, Buffett said: “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.” He also didn’t answer further questions about politics.

The 94-year-old, known as the Oracle of Omaha, added that “a majority of any money I manage will always be in the United States” because “it’s the best place.”

Since taking office, President Donald Trump has announced or threatened tariffs against several countries. 

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 that the US imposing tariffs would likely hurt the domestic economy and that additional costs would likely be passed on to the American consumer rather than to foreign exporters.

Trump proposed 25% tariffs on Mexico and Canada that were initially supposed to take effect in February but were postponed. They are now expected to start Tuesday, though Commerce Secretary Howard Lutnick

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they may not be at a 25% rate.

After placing a 10% tariff on goods from China last month, Trump announced on Thursday he’d impose another 10% tariff on the country, saying it hasn’t done enough to stop fentanyl from entering the US.

Trump also announced a 25% tariff on

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to the US, which is set to take effect on March 12.

He said last month that

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on countries that have such taxes on American goods.

He’s also threatened to impose a 25% tariff on European Union countries and said he’d slap a 100% tariff on BRICS nations if they replaced the US dollar as their reserve currency.

Buffett has supported presidential candidates in the past, including backing Barack Obama and Hillary Clinton, but he

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in the 2024 election.

Story Continues

“I’m worried about people impersonating me and that’s why we put that on the Berkshire website,” Buffett told CNBC about his decision not to endorse last year. “Nobody should believe anybody saying I’m telling them how to invest or how to vote.”

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#Warren #Buffett #tariffs #act #war #degree

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