Warren Buffett is celebrating the successes of Berkshire Hathaway’s companies last year and in the 60 years since he took over a struggling New England textile company and began converting it into a massive conglomerate.

Warren Buffett has criticised Trump’s new tariffs on Canada, Mexico, and China, calling them “an act of war.” He warned that tariffs act as a tax on goods, raising consumer prices.

His comments came after Trump announced that the tariffs are scheduled to come into effect Tuesday, will put a 25% tax on Canadian and Mexican imports, and a 20% tariff on Chinese imports, reported New York Post.