Warren Buffett has likened President Donald Trump’s planned tariffs on Canada and Mexico to an “act of war”. The 94-year-old investor made the comment before Trump implemented 25% tariffs on Canada and Mexico, as well as 20% on China.
Experts warn that the tariffs could lead to higher inflation, particularly affecting the automotive industry. If new cars are affected, prices may rise by up to $12,000.
Buffett’s comments also echoed his experience with past tariffs. “The tooth fairy doesn’t pay them!” he joked. The legendary investor refused to comment on the current state of the economy, citing its complexity and his own inability to discuss it.
China has already retaliated against the US by announcing plans to impose fresh tariffs on various agricultural imports from the US next week. Canada has also responded with immediate 25% tariffs on $20.7 billion worth of US imports.
Source: https://www.hindustantimes.com/world-news/us-news/warren-buffett-compares-trump-s-planned-tariffs-on-canada-and-mexico-to-an-act-of-war-101741076482289.html