In a CBS News interview, Warren Buffett, chairman of Berkshire Hathaway, described tariffs as an act of war, warning they could drive inflation and harm consumers. Buffett explained that tariffs function like a tax on goods, emphasizing that the Tooth Fairy isn't footing the bill. His comments come after Donald Trump announced new tariffs on Mexico, Canada, and China set to take effect on March 4th. Buffett was critical of the president's trade policies, expressing concerns over their long-term economic impact.