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

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

Warren Buffett has criticised Trump’s new tariffs on Canada, Mexico, and China, calling them “an act of war.” He warned that tariffs act as a tax on goods, raising consumer prices.

The legendary Warren Buffett is not one to talk about politics much, but when it comes to President Donald Trump’s tariffs, the Oracle of Omaha isn’t staying quiet. In a rare comment, Warren called them what they really are—an extra tax on everyday products.

Warren Buffett's comments come as Donald Trump has pushed ahead with new tariffs. Starting Tuesday, his administration will slap a 25% tariff on goods from Canada and Mexico. The US President is also hiking tariffs on Chinese imports,

Buffett has previously expressed concerns about tariffs, opposing Trump's trade proposals during the 2016 campaign, when he called them "a very bad idea"

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

Legendary Berkshire Hathaway CEO Warren Buffett likened tariffs to an economic "act of war" in an interview with CBS News and said that tariffs ultimately serve as a tax on goods.

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.