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.

Trump's tariffs, effective Tuesday, include a 25% duty on imports from Canada and Mexico and an additional 10% on Chinese goods. In retaliation, China has quickly imposed countermeasures, heightening global trade tensions.