Buffett says Trump’s Planned Tariffs on Canada and Mexico Is Act of War  

New York: Warren Buffett has compared president Donald Trump’s planned tariffs on Canada and Mexico to an act of war. The legendary investor spoke out before Trump went on to implement 25 % tariffs on Canada and Mexico and 20 % on China.

Buffet mentioned we have had lots of experience with them, Buffett said in an interview for a documentary on Katherine Graham, the late Washington Post publisher. According to New York Post, Trump paused his decision for the levies in February, Canada and Mexico had threatened to respond with their own taxes.

Experts believe the tariffs could end up reheating inflation and would particularly impact the automotive industry. They also might end up sending prices for new cars rising as much as $12,000. Buffet, 94, seemed to agree. He said that over time, they are a tax on goods. I mean, the tooth fairy doesn’t pay ’em!

Buffet said and then what? You always have to ask that question in economics. You always say, And then what?’” Buffet refused to make any remarks on the current state of the economy. Buffett added Well, I think that’s the most interesting subject in the world, but I won’t talk, I can’t talk about it, though. I really can’t.

China and Canada have retaliated against the United States after Trump imposed his tariffs. China reportedly revealed its plans to impose fresh tariffs on various agricultural imports from the US next week, with the country’s finance minister saying that additional 15% tariffs would be imposed on chicken, wheat, corn and cotton, as well as 10% tariffs on sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables and dairy products.

Justin Trudeau said Ottawa would respond with immediate 25% tariffs on C$30bn ($20.7bn) worth of US imports. Previously, he said Canada would be targeting US beer, wine, bourbon, home appliances and Florida orange juice.