Berkshire Hathaway's Warren Buffett said he's starting to see rising costs across his businesses and believes the Trump administration's tariffs could spur expenses even higher.
The billionaire investor said Thursday he is "definitely" seeing some impact from the ongoing tariffs and highlighted rising prices in raw materials like steel.
"We are seeing some effects from that and we're seeing some effects from inflation. We've seen more in the way of cost increases in the last year if you go across all of our businesses," Buffett told CNBC's Becky Quick. "But particularly, building materials or – we sell paint: the can it comes in, that's a lot more expensive than it was a year ago."
Buffett joined CNBC ahead of his lunch at Smith & Wollensky steakhouse in New York with the winning bidder of the annual Glide auction. Buffett also turned 88 on Thursday.
The proceeds of the auction raise money for the San Francisco charity by offering a lunch with the billionaire investor known as the Oracle of Omaha.
This year's winning bidder paid more than $3.3 million.
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