Summary

Warren Buffett criticized tariffs as “an act of war,” warning they function as a tax on goods and raise consumer prices.

His comments follow Trump’s decision to impose 25% tariffs on Canada and Mexico and raise tariffs on China from 10% to 20%, escalating trade tensions. Economists warn tariffs could worsen inflation and harm U.S. consumers.

Commerce Secretary Howard Lutnick dismissed Buffett’s concerns and falsely claimed tariffs could replace the IRS.

Buffett has long opposed tariffs, citing historical economic damage, including their role in worsening the Great Depression.

  • brucethemoose@lemmy.world
    38·
    6 days ago

    Commerce Secretary Howard Lutnick dismissed Buffett’s concerns and falsely claimed tariffs could replace the IRS.

    Whoaaa, that is a whopper of a sidenote.

    Like… WTF. They really do want any excuse for the mega rich to not pay taxes.

    EDIT:

    In an interview on The Situation Room on Monday with CNN’s Pamela Brown, Commerce Secretary Howard Lutnick dismissed Buffett’s comments about tariffs as “silly.”

    Lutnick said tariffs could replace the need for the Internal Revenue Service, which he incorrectly said was created when the US entered World War I.

    “The United States of America before 1913 only had tariffs, and then we created — when we entered World War I, we all had to pitch in, and we created, of course, the brilliantly named Internal Revenue Service,” Lutnick said.

    Um… That is false, but parsing the grain of truth from that statement (IRS was established shortly before WWI), the world economy is, uh, nothing like it was in 1913. It’s like saying “Well, we had Radium Jock straps in 1930,” without considering why we don’t have them now.