Buffett rarely speaks out: Imposing tariffs is an act of war In history, the US government passed a massive tariff bill during the presidency of Hoover in 1929, which led to the Great Depression of 1931. The stock market crashed, and the Dow Jones Industrial Average plummeted from 363 points to 41 points, causing a cliff like drop in export trade volume. The global economic recession ultimately led to the rise of fascism in many countries, indirectly causing the outbreak of World War II several years later. President Hoover's slogan back then was' Let America prosper again '! The current slogan of Trump is' Make America Great Again ' History is a mirror. Buffett experienced the Great Depression and World War II, and deeply realized the harm that tariffs and inflation brought to the US economy and the global economy. Now he has a lot of cash and other explosive mines in his hands, and choosing to believe in Buffett for short positions is undoubtedly correct.