Companies usually pass those cost increases along to buyers, which means tariffs cause inflation. And rising prices could certainly hinder economic growth. In fact, a forecasting model from the Federal Reserve Bank of Atlanta shows U.S. GDP declining at an annualized 2.4% in the first quarter. That would be the first drop in more than four years.

Warren Buffett is rightly called the greatest living investor. Since becoming CEO of Berkshire Hathaway (NYSE:BRK-A)(NYSE:BRK-B) in 1965, Buffett has generated cumulative returns 5,502,284%, a nearly 20% annual return,

Warren Buffett urges investors to see downturns as opportunities rather than reasons to panic, according to an op-ed the billionaire wrote in 2008. Buffett has long emphasized that bad news creates discounted buying opportunities for those who focus on value over short-term price swings.