Nigeria, March 3 -- An economist may criticize a country's decision to put tariffs on its largest trading partners, especially when its economy exhibits indications of contraction, the stock market is falling, prices remain persistently high, and consumer sentiment is negative.

That's because, in Warren Buffett's words, tariffs are "a tax on goods." Stated differently, they typically raise the price of imported items. Businesses would either attempt to absorb the cost, resulting in a decline in income or pass it on to customers, which may cause prices to spike upward.

However, according to U.S. President Donald Trump, tariffs on Canada and Mexico will take effect on Tuesday. Additionally, his administration urges partners to impose tari...