Warren Buffett is celebrating the successes of Berkshire Hathaway’s companies last year and in the 60 years since he took over a struggling New England textile company and began converting it into a massive conglomerate.

"Tariffs are actually, we've had a lot of experience with them. They're an act of war, to some degree," Buffett said.

This marks the first remark from the 94-year-old business mogul on Trump’s trade and economic policies. Last week, the Republican firebrand announced the sweeping 25 per cent tariffs on imports from Mexico and Canada,

The legendary Warren Buffett is not one to talk about politics much, but when it comes to President Donald Trump’s tariffs, the Oracle of Omaha isn’t staying quiet. In a rare comment, Warren called them what they really are—an extra tax on everyday products.

US Tariff Decision The United States government is set to impose new tariffs on goods imported from Canada, Mexico, and China starting March 4. These tariffs will increase the cost of products entering the US market from these countries.