Hi there, everyone. Welcome to Tuesday. It's 4 o'clock in New York.

An act of war. That is how billionaire investor Warren Buffett describes Donald Trump's tariffs.

And the economic fallout for all Americans bears out Buffett's choice of words.

Like touching a hot stove,

the Trump administration has now fired off the first salvo in what is right now looking like a trade war that will raise the cost for just about everything Americans spend money on.

It comes 12 weeks after an election in which the price of stuff like eggs, groceries, and

housing was top of mind for voters. Donald Trump today imposing tariffs against our three

biggest trading partners, a whopping 25% on all items coming in from Canada and from Mexico,

and an additional 10% on top of what is currently imposed

on China. For some context, 43% of all the stuff we buy from abroad comes from those three

countries. Unsurprisingly, our largest trading partners are responding to Trump's, quote,

act of war. China is imposing a tax of up to 15% on goods

exported by U.S. farmers. Washington Post reports this, quote, the move targets some of the United

States most important exports to China, including soybeans, meat, and grains. Canada, which, by the way,

is our top supplier of grain and meat, and grains. Canada, which, by the way, is our top supplier of grain and

meat, and our second largest supplier of auto parts after Mexico, is imposing tariffs on

$107 billion worth of goods from the U.S. Prime Minister Justin Trudeau calls Donald Trump's move

to punish Canada a quote, very dumb thing to do.

The CEO of Retail Giant Target is saying today that the impact for American consumers could be immediate. Watch.

We know for certain categories like fruits and vegetables, where during this winter season, we depend on Mexico

for a significant amount of supply. Those are categories where we'll try to protect pricing,

but the consumer will likely see price increases over the next couple of days.

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