Legendary investor Warren Buffett has decades of experience dealing with market fluctuations and new presidential agendas, which might explain why he has criticism of tariffs.

"They're an act of war to some degree," Buffett said during an interview with CBS.

The legendary investor, known as the Oracle of Omaha, said he has a lot of experience with tariffs and hasn't been a fan.

"Over time, they're a tax on goods. The tooth fairy doesn't pay ‘em."

The Berkshire Hathaway (NYSE:BRK) (NYSE:BRK) chairman said prices will be higher 10 years from now and higher 20 years from now.

"Technology changes things."

While he may be critical of tariffs, Buffett maintained his optimism for American companies.

"It's the best place."

Buffett said the majority of his investments will be made in American companies. "I was lucky to be born here."

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Buffett was asked about the economy and politics during the interview, but aside from his comments on tariffs, he remained relatively quiet. "Washington is Washington," he said, adding that the problem with politics is that you have to make "tiny compromises."

The legendary investor had no comment when asked about Elon Musk's efforts in Washington D.C.

"I better not get into that."  

Buffett also didn’t have much to say about his legacy and accomplishments. "My legacy is Berkshire."

He said he's been lucky and that everybody has regrets. "You're born smart, but you're not born wise."

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