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 rebuke of President Trump’s tariff plans came just days before sweeping tariffs on Canada and Mexico were expected to go into effect.

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