Warren Buffett isn't one to wade into politics, but as an outsider warned tariffs are likely to prove inflationary.

Catalysts anchors Seana Smith and Madison Mills discuss Berkshire Hathaway (BRK-B, BRK.A) CEO Warren Buffett's comments on President Trump's tariff plans, calling them an "act of war" and warning of their potential impact on everyday Americans.

This marks the first remark from the 94-year-old business mogul on Trump’s trade and economic policies. Last week, the Republican firebrand announced the sweeping 25 per cent tariffs on imports from Mexico and Canada,

"Tariffs are actually, we've had a lot of experience with them. They're an act of war, to some degree," Buffett said.

Buffett, who stays away form commenting on anything political, had also addressed the issue in his annual letter.

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Legendary investor Warren Buffett has warned that President Donald Trump's tariffs on goods imported from foreign countries such as Canada and Mexico could have a disastrous impact on American consumers.

The legendary Warren Buffett is not one to talk about politics much, but when it comes to President Donald Trump’s tariffs, the Oracle of Omaha isn’t staying quiet. In a rare comment, Warren called them what they really are—an extra tax on everyday products.