As former U.S. President Donald Trump introduced sweeping tariffs on Canada, China, and Mexico, billionaire investor Warren Buffett strongly criticized the move, calling it "an act of war." "Tariffs, in essence—based on our experience—are a form of economic warfare," Buffett said in an interview with CBS on Sunday.

The 94-year-old investor, widely regarded as one of the greatest in history, explained that tariffs function like a tax on goods, inevitably leading to higher prices for consumers. Last month, Buffett revealed that his company, Berkshire Hathaway, has paid over $101 billion in U.S. taxes during his 60-year tenure—more than any other company in history.

"The Tooth Fairy doesn’t cover those taxes!" Buffett joked, before emphasizing the importance of considering long-term economic consequences. However, when asked about the current state of the U.S. economy, Buffett declined to comment. "I find it to be the most fascinating topic in the world, but I really can't discuss it," he said.

Trump's Trade War Heats Up: On Monday, Trump announced that Canada and Mexico would not be exempt from his new tariffs, which are set to take effect on Tuesday. Since returning to office in January, the 78-year-old Republican has introduced—and later paused—a blanket tariff policy, accusing both nations of failing to curb illegal immigration and drug trafficking. His latest tariffs are expected to impact more than $918 billion in U.S. imports from Canada and Mexico.

In response, Canadian Prime Minister Justin Trudeau vowed retaliation, declaring that Canada would impose tariffs on U.S. imports starting Tuesday. "Canada will not let this unjustified decision go unanswered," Trudeau stated. "If American tariffs come into effect tonight, Canada will respond at 12:01 AM EST tomorrow with 25% tariffs on $155 billion worth of American goods," he added.

Mexican President Claudia Sheinbaum also assured that her country has contingency plans in place, regardless of Trump's actions. Meanwhile, Trump has escalated tensions with China as well, signing an order to increase a 10% tariff on Chinese goods to 20%. In response, Beijing warned that it would take countermeasures to protect its economy. Trump has also threatened reciprocal tariffs on all major U.S. trading partners, including India, signaling a growing global trade dispute.

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