US President Donald Trump unveiled extensive tariffs on Canada, China and Mexico, billionaire investor Warren Buffett called the move as “Act of War”.
Buffett told CBS on Sunday, “Tariffs are really – we have a lot of experience with them – they are a task of war, to some extent,” Buffett told CBS on Sunday.
The 94 -year -old, seen as one of the world’s greatest investors, said that over time tariffs work as taxes on goods and can increase prices for consumers.
Buffett said last month that his company, Berkshire Hathaway paid more than $ 101 billion to the US government as he had taken the rudder more than any other firm in history 60 years ago.
“Tooth angel does not pay them!” Berkshire Hathaway CEO Buffett said.
“And then what? You always have to ask that question in economics. You always say, ‘And then what?” “He said.
However, Buffett refused to comment on the current status of the US economy.
“Okay, I think it’s the most interesting topic in the world, but I will not talk, I can’t talk about it, though. I can’t really do,” he said.
Trump trigger trade war
Donald Trump said on Monday that Canada and Mexico cannot avoid their sweeping tariffs due to implementation on Tuesday.
The 78-year-old Republican, who returned to power in January, revealed-and then the blanket tariff on imports in February, which was accused of failing to stop illegal immigration and drug trafficking on two major trade partners of the US.
Duties have an impact of more than US imports of $ 918 billion from Canada and Mexico.
Canadian Prime Minister Justin Trudeau said that he would slap tariffs on US imports starting on Tuesday in response to the levy vowed by Trump.
“Canada will not allow this unfair decision to be unanswered,” said Trudeau, often mocked by the US President.
He said, “The US tariff should be implemented tonight, Canada will be effective from EST tomorrow at 12:01, should respond with 25 percent tariff against $ 155 billion American goods.”
Mexican President Claudia Shinbam said that there are casual plans in his country, whoever the decision takes Trump.
The US President on Monday signed an order to increase 10 percent tariff on China by 20 percent. Beijing warned that it would take counters against the new levy to protect its own interests.
He has also threatened mutual tariffs on all American business partners including India.
