Warren Buffett Weighs In on Donald Trump Tariff Plans [Video]

Legendary investor Warren Buffett has warned that President Donald Trump‘s tariffs on goods imported from foreign countries such as Canada and Mexico could have a disastrous impact on American consumers.

In a rare admission for the so-called “Oracle of Omaha,” who normally avoids commenting on politics and the White House agenda, Buffett told CBS News’ Norah O’Donnell that tariffs constituted an “act of war” and “a tax on goods.”

Why It Matters

Trump made tariffs one of the cores of his 2024 presidential campaign pledges, promising that many of America’s problems—including the high cost of living and housing affordability—could be solved through them. However, many experts have raised concerns that while tariffs could partially benefit the country’s economy, American consumers might eventually have to shoulder their cost through higher prices.

Buffett’s remark is likely to strengthen these concerns, despite the Trump administration’s dismissal of similar warnings before.