In this article: Warren Buffett calls Trump's tariffs a hidden tax on consumers, saying companies are shifting costs to customers.
President Trump announced new tariffs of 25% on Mexico and Canada and 10% on China that will take effect March 4.
BREAK President Trump has launched a national security probe into Canadian lumber that could lead to new tariffs and trade friction.
Legendary Warren Buffett doesn't like to talk politics, but when it comes to President Donald Trump's tariffs, the Oracle of Omaha won't shut up. In a #rare comment, Warren called the tariffs what they are: an additional tax on goods.
In an #interview with CBS News' Nora O'Donnell, Warren compared tariffs to an act of war and said consumers, not foreign companies, ultimately pay.
Tariffs are really, we have a lot of experience with them. To some extent they are an act of war. Over time, tariffs become a tax on goods.
added Warren with a laugh. Warren added with a laugh. So what happens then? In economics, you always have to ask that question. 'What happens then? ' .
Warren Buffett, CEO of Berkshire Hathaway, is interviewed in Tokyo on April 11, 2023.
Trump has not taken a step back on tariffs. Just last week, he announced new trade measures against Mexico, Canada and China. Imports from Mexico and Canada will be hit with tariffs of 25% and Chinese products will be hit with an additional 10%. China is already preparing to retaliate.
And now the S&P 500 index is struggling: according to Google Finance, it is up only 1% this year, while Warren is dumping stocks and saving up his cash reserves. Some investors believe that this means he is anticipating a downturn in the market, while others believe that he is simply preparing Berkshire Hathaway to become the next leader, as Cryptopolitan reported a week ago.
CBS When asked about the economy in an interview with CBS, Warren dodged the question by laughing and saying: "I can't talk about it. I really can't talk about it.
the U. S.
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