Economics

Summary

Warren Buffett criticized Trump's tariffs as inflationary and harmful to consumers, calling them "an act of war" that function as a tax on goods because "the Tooth Fairy doesn't pay 'em!"

This marks Buffett's first public comment on Trump's current trade policies, which include 25% tariffs on Mexican and Canadian imports and an additional 10% tariff on Chinese goods starting March 4.

Buffett previously warned about negative global consequences from Trump's aggressive trade moves during his first term.

Meanwhile, China has vowed to retaliate against the new tariffs.