New Delhi, March 4 -- Berkshire Hathaway's legendary CEO Warren Buffett says that tariffs are an "act of war" that could further worsen inflation. After a blitz of information in recent weeks, it seems that the market agrees, with stocks falling again Monday.

After the election, pundits were awash in reasons why investors shouldn't worry that President Donald Trump meant what he said. They argued instead that his administration would be marked only by growth-spurring initiatives such as regulatory rollbacks and that it would not be hamstrung by things such as trade wars. Now that it's clear that that's not the case with key parts of his agenda-such as tariffs-the market is back to the level it was at in early November, erasing its post-e...