The rebuke of President Trump’s tariff plans came just days before sweeping tariffs on Canada and Mexico were expected to go into effect.

The past week has been a rollercoaster ride for the financial world. From Warren Buffett’s stern warning about tariffs to President Trump’s call to end the CHIPS Act, the market has been grappling with a flurry of developments.

The legendary investor behind Berkshire Hathaway discussed his take on the president’s controversial 25% tariffs on Canada and Mexico.

Buffett has previously expressed concerns about tariffs, opposing Trump's trade proposals during the 2016 campaign, when he called them "a very bad idea"

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.

The famed investor pushed back on Trump’s claims on who will pay the 25-percent fees levied on goods from Canada and Mexico from Tuesday.

In some ways, Mr. Buffett is on his own here because most investment managers aren’t following his cautious approach. According to Bank of America’s global fund manager survey for February, cash levels at mutual funds are sitting at just 3.5 per cent, on average. That is the lowest level since 2010 and implies terrific bullishness.

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 and Steve Cohen warned consumers would be footing the bill for Trump's trade war, and business bosses have now confirmed they plan to pass on at least half of their rising costs.

President Trump says tariffs on Canada and Mexico will begin Tuesday. Here's what Warren Buffett thinks of the idea.

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