On March 3, according to CBS news, Buffett made rare comments on Trump's tariffs, saying that punitive tariffs could cause inflation and harm consumers. "We actually have a lot of experience with tariffs," he said. "In a way, tariffs are like an act of war. In the long run, tariffs are taxes on goods." When asked about the current state of the US economy, Buffett did not comment directly. "I think it's the most interesting topic in the world, but I'm not going to talk about it," Buffett said. Mr. Buffett has been on the "defensive" over the past year, selling stocks quickly and amassing a record cash pile ($334.20 billion). Some have interpreted Mr. Buffett's conservative moves as a bearish signal on the market and the economy, while others believe he is preparing the company for a successor by cutting back on large holdings and building up cash.