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“What’s driving the policy, is that since the 1980s Trump has been a protectionist, and he thinks trade deficits are losses and trade surpluses are profits,” AEI’s Stan Veuger told Fortune.

Navarro said trading partners cheat the U.S. via methods like currency manipulation and export subsidies, but also through levying VAT.

Beijing and Washington swap warnings of additional trade retaliation as markets rebound in Asia

Buffett’s foundation, which focuses on humanitarian needs like agriculture, infrastructure and mine clearance, has contributed about $800 million to Ukraine since the start of the full-scale invasion, including $175 million in humanitarian demining.