Warren Buffett breaks silence on Donald Trump's tariffs with stern warning

American investor and philanthropist Warren Buffett has spoken out ahead of Donald Trump's tarriffs coming into effect.

At midnight tonight (March 4), Donald Trump's 25 percent tariffs on goods imported from Canada and Mexico and 20 percent on China are set to be imposed.

Canadian Prime Minister Justin Trudeau has hit out at the order, imploring the US to reconsider alongside the country issuing its own counter-tariffs too.

And Chairman and CEO of multi-industry holding company Berkshire Hathaway, Warren Buffett, has since weighed in on how the tariffs could impact the economy.

Despite pausing the introduction of the tariffs for 30 days, the US is set to move forward with 'imposing 25 percent tariffs on Canadian exports and 10 percent tariffs on Canadian energy' as part of its 'bold action to hold Mexico, Canada, and China accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into [the] country'.

During an appearance on CBS Sunday Morning with Senior Correspondent Norah O'Donnell, Buffett reflected on the 'state of the economy', noting he believes it's 'the most interesting subject in the world'.

Despite Buffett saying he 'won't talk' or 'can't talk about it now', when questioned how he thinks 'tariffs will affect the economy' Buffett reflected the US has 'actually' 'had a lot of experience with them' and he considers them 'an act of war to some degree'.

And how could the tariffs impact inflation?

Donald Trump is set to go ahead with imposing tariffs on Canada (ROBERTO SCHMIDT/AFP via Getty Images)

Well, Canadian President Trudeau released a statement earlier today (March 4) vowing Canada will 'not let this unjustified decision go unanswered' and should the tariffs 'come into effect tonight', the country will be responding with its own '25 percent tariffs against $155 billion of American goods' 'effective 11.01am EST tomorrow'.

The tariffs being imposed by Canada on the US will begin with 'tariffs on $30 billion worth of goods immediately, and tariffs on the remaining $125 billion on American products in 21 days’ time,' Trudeau warned.

And the tariffs will 'remain in place' until 'the US trade action is withdrawn'.

Buffett continued: "Over time they're a tax on goods. [...] The Tooth Fairy doesn't pay them. And see you always have to just... And then what?

"You always have to ask that question in economics - 'And then what?'"

Warren Buffett has weighed in on the tariffs (CBS Sunday Morning)

He added: "Technology changes, all kinds of things, but Washington is Washington and the problem with politics is that you tend to have to make tiny compromises as you go along."

O'Donnell then questioned Buffett's thoughts on Elon Musk cutting costs as part of him working with Trump's Department of Government Efficiency.

Buffett noted he 'better not get into all that'.

Well, enough said I guess.