President Donald Trump’s tariffs on imports of foreign goods have already begun, and more are on the way, likely forcing some businesses to raise prices.

In some ways, Mr. Buffett is on his own here because most investment managers aren’t following his cautious approach. According to Bank of America’s global fund manager survey for February, cash levels at mutual funds are sitting at just 3.5 per cent, on average. That is the lowest level since 2010 and implies terrific bullishness.

Warren Buffett and Steve Cohen warned consumers would be footing the bill for Trump's trade war, and business bosses have now confirmed they plan to pass on at least half of their rising costs.