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, to some degree," 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, and those new…