Legendary investor Warren Buffett has warned that President Donald Trump's tariffs on goods imported from foreign countries such as Canada and Mexico could have a disastrous impact on American consumers.

Warren Buffett, the famed investor behind Berkshire Hathaway, offered a sharp rebuke of President Donald Trump’s 25-percent tariff on goods from Mexico and Canada set to take effect Tuesday. “They’re an act of war to some degree,

Warren Buffett broke his silence on President Trump’s trade policies, comparing his planned tariffs on Canada and Mexico to an “act of war.” The legendary investor behind Berkshire Hathaway – which has large businesses in insurance,

"Over time, they are a tax on goods. I mean, the Tooth Fairy doesn't pay 'em!" Berkshire Hathaway CEO Warren Buffett told CBS.

Donald Trump on Monday said that Canada and Mexico can't avert his sweeping tariffs, due to come into effect on Tuesday.

Prime Minister Justin Trudeau of Canada warned that the Trump administration’s tariffs were leading to a trade war. Mexico’s leader vowed to impose countermeasures on Sunday.

The effects of the tariffs imposed by the Trump administration on goods from Canada, Mexico and China are starting to be seen in global stock markets. The three major stock market indexes in the United States fell following Trump’s announcement that he would proceed to slap 25% tariffs on goods from Canada and Mexico,

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.

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