Warren Buffett, chairman and CEO of Berkshire Hathaway, described tariffs as “an act of war, to some degree,” in an interview with CBS. He explained that over time, tariffs act as a tax on goods, warning that the burden typically falls on consumers rather than foreign exporters. Buffett emphasized the importance of considering the broader economic implications, asking, “And then what?”
Buffett, known as the Oracle of Omaha, expressed confidence in the U.S. economy, stating that the majority of his investments would always remain in the United States because “it’s the best place.” Despite his past support for presidential candidates like Barack Obama and Hillary Clinton, Buffett has refrained from endorsing anyone in the 2024 election, citing concerns about impersonation.
President Donald Trump has announced or threatened tariffs against several countries, including Mexico, Canada, China, and EU nations. Economists have cautioned that these tariffs could harm the U.S. economy, with additional costs likely passed on to American consumers. Trump’s proposed tariffs include a 25% levy on steel and aluminum imports and reciprocal tariffs on countries taxing American goods.
— news from Business Insider