Warren Buffett: Tariffs are ‘an act of war’ | CNN Business
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Tariffs might be President Donald Trump’s favorite word. To legendary investor Warren Buffett, there is less to be excited about.

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.

  • brucethemoose@lemmy.world
    38·
    6 days ago

    Commerce Secretary Howard Lutnick dismissed Buffett’s concerns and falsely claimed tariffs could replace the IRS.

    Whoaaa, that is a whopper of a sidenote.

    Like… WTF. They really do want any excuse for the mega rich to not pay taxes.

    EDIT:

    In an interview on The Situation Room on Monday with CNN’s Pamela Brown, Commerce Secretary Howard Lutnick dismissed Buffett’s comments about tariffs as “silly.”

    Lutnick said tariffs could replace the need for the Internal Revenue Service, which he incorrectly said was created when the US entered World War I.

    “The United States of America before 1913 only had tariffs, and then we created — when we entered World War I, we all had to pitch in, and we created, of course, the brilliantly named Internal Revenue Service,” Lutnick said.

    Um… That is false, but parsing the grain of truth from that statement (IRS was established shortly before WWI), the world economy is, uh, nothing like it was in 1913. It’s like saying “Well, we had Radium Jock straps in 1930,” without considering why we don’t have them now.

  • sj_zero@lotide.fbxl.net
    1·
    4 days ago

    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.

  • expatriado@lemmy.world
    8·
    6 days ago

    i think for trump and friends it’s just an act of market manipulation, got to be in the inner circle to benefit tho