Warren Buffett Warns Tariffs Could Drive Inflation, Hurt Consumers

Berkshire Hathaway's Warren Buffett described tariffs as an act of war and warned they could drive inflation and hurt consumers in a CBS News Interview. Buffett warned that tariffs function as a tax on goods, emphasizing the Tooth Fairy doesn't pay them and urged considering their long-term economic impact. His remarks follow Donald Trump’s announcement of new tariffs on Mexico, Canada, and China that go into effect on March 4th. Buffett was critical of the president's trade policies during his first term. He declined to comment on the broader economy but has recently raised record cash levels.