Warren Buffett Says Tariffs Are an ‘Act of War’

Warren Buffett says tariffs are “an act of war, to some degree.” Berkshire Hathaway’s chairman and chief executive said the country has had a lot of experience with tariffs, and that over time they are a tax on goods.

“The Tooth Fairy doesn’t pay ‘em,” Buffett said, laughing. “‘And then what?’ You always have to ask that question in economics.” The legendary investor made the comments in an interview on the “CBS News Sunday Morning” show. He appeared on the show to talk about a new documentary about former Washington Post publisher Katharine Graham.