"Tariffs are actually, we've had a lot of experience with them. They're an act of war, to some degree," Buffett said.

Donald Trump on Monday said that Canada and Mexico can't avert his sweeping tariffs, due to come into effect on Tuesday.

This marks the first remark from the 94-year-old business mogul on Trump’s trade and economic policies. Last week, the Republican firebrand announced the sweeping 25 per cent tariffs on imports from Mexico and Canada,

Billionaire investor Warren Buffett likened tariffs to an “act of war” and said that over time they will act as a tax on goods.

President Donald Trump’s latest round of tariffs on major US trading partners has sparked concerns about inflation and economic disruption, with legendary investor Warren Buffett weighing in on the potential fallout.

Stocks were falling again Monday on tariff news. Add consumer confidence and jobless claims data into the mix, and it appears volatility will be the norm in the short term.

Tariffs might be President Donald Trump’s favorite word. To legendary investor Warren Buffett, there is less to be excited about.

Warren Buffett broke his silence on President Trump’s trade policies, comparing his planned tariffs on Canada and Mexico to an “act of war.” The legendary investor behind Berkshire Hathaway – which has large businesses in insurance,