Legendary investor Warren Buffett characterized tariffs as “an act of war” that functions as a consumer tax, as markets grapple with President Donald Trump‘s recent implementation of 25% tariffs on Canadian and Mexican imports.

Warren Buffett says tariffs are “an act of war, to some degree.” Berkshire Hathaway’s chairman and chief executive said the country has had a lot of experience with tariffs, and that over time they are a tax on goods.