Warren Buffett says tariffs are “an act of war, to some degree.” Berkshire Hathaway’s chairman and chief executive said the country has had a lot of experience with tariffs, and that over time they are a tax on goods.

This marks the first remark from the 94-year-old business mogul on Trump’s trade and economic policies. Last week, the Republican firebrand announced the sweeping 25 per cent tariffs on imports from Mexico and Canada,