PNN – At the same time as the US President’s decision to impose tariffs on goods imported from China, Mexico and Canada, one of the famous American investors likened the “tariff” to “an act of war”.
According to the report of Pakistan News Network, citing Hill’s website, Warren Buffett said in response to the CBS anchor’s question about the effects of tariffs on the economy: We have a lot of experience with tariffs and they are to some extent an act of war.
About the impact of tariffs on inflation, this investor said: Over time, tariffs act like taxes on goods.
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Buffett said that the important thing in economics is to think ahead and ask “what next?!”
Donald Trump announced a few hours ago that starting today, 25% tariffs will be imposed on goods imported from Mexico and Canada.
In response to reporters’ questions about the possibility of reaching an agreement with Canada and Mexico before the deadline, Trump said: There is no room left for Mexico or Canada. All their tariffs have been set and will take effect on Tuesday.
The President of the United States had also previously issued a decree to increase the customs tariffs on all Chinese goods imported to the United States from 10% to 20%.