India, March 4 -- Warren Buffett compared President Donald Trump's planned tariffs on Canada and Mexico to an "act of war." The legendary investor behind Berkshire Hathaway spoke out before Trump went on to implement 25% tariffs on Canada and Mexico, and 20% on China.

"Actually, we've had a lot of experience with them [tariffs]," Buffett said during an interview with CBS News for a documentary on Katherine Graham, the late Washington Post publisher.

"They're an act of war, to some degree," Buffet added.

Before President Trump paused his decision for the levies in February, Canada and Mexico had threatened to respond with their own taxes. Experts believe the tariffs could end up reheating inflation and would particularly impact the auto...