Summary
Warren Buffett criticized tariffs as “an act of war,” warning they function as a tax on goods and raise consumer prices.
His comments follow Trump’s decision to impose 25% tariffs on Canada and Mexico and raise tariffs on China from 10% to 20%, escalating trade tensions. Economists warn tariffs could worsen inflation and harm U.S. consumers.
Commerce Secretary Howard Lutnick dismissed Buffett’s concerns and falsely claimed tariffs could replace the IRS.
Buffett has long opposed tariffs, citing historical economic damage, including their role in worsening the Great Depression.
Oh wow, an act of war?
That’s crazy! I can’t believe that Canada, with its 250% tariffs on dairy products, 40% tariffs on aluminum, and 25% tariffs on steel before Trump ever entered office, would commit such acts of war against America!!!
And then there’s all the tariffs China has had against the US for all these years! How dare they!!!
I guess it’s time to nuke Beijing and Ottawa. You’d better hit Toronto and Vancouver while you’re at it, just to be safe.