Warren Buffett-Tariffs are an ‘act of war’.

 Tariffs might be President Donald Trump’s favorite word. To legendary investor Warren Buffett, there is less to be excited about.

“Tariffs are actually — we’ve had a lot of experience with them — they’re an act of war,” Buffett said in an interview with CBS that aired on Sunday.

The Berkshire Hathaway CEO and billionaire investor said tariffs over time serve as a tax on goods and could raise prices for consumers.

“The Tooth Fairy doesn’t pay ‘em!” Buffett said with a laugh.

Tariffs disrupt trade between countries by raising taxes on imported goods, which are passed on to the consumer. And the countries effected then retaliate with their own tariffs, disrupting world trade.

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