Billionaire investor Warren Buffett likened tariffs to an “act of war” and said that over time they will act as a tax on goods.

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.

Warren Buffett is a gifted teacher who explains complex topics in a digestible format. This year he touched on Berkshire Hathaway’s massive cash hoard, among other items.