Shark Tank star and investor Kevin O’Leary surprised CNN’s hosts on Wednesday when he said the 104% tariffs on China are not enough. Instead, the investor argues that the U.S. should place a 400% tariff on the country to counteract its theft from American businesses.
In his interview, the Shark Tank star said, “I do business in China. They don’t play by the rules. They’ve been in the WTO for decades. They have never abided by any of the rules they agreed to when they came in.”
O’Leary further criticized China, noting his problems were with the government, not the people. He listed several complaints, claiming, “They cheat, they steal, they steal IP, I can’t litigate in their courts. They take product/technology, they steal it, they manufacture it, they sell it back here.”
O’Leary Wants China to Negotiate With America
O’Leary continued his tirade against China, arguing that he wants President Xi Jinping on a plane to America to hammer out details of a fair trade deal between the two countries. The investor said it’s not about tariffs but about how unfair China is to the U.S. and that changes need to happen.
O’Leary noted that nobody has taken on China, not other governments or previous U.S. administrations. He argued that no matter one’s opinion on President Trump, his administration is doing the right thing by not putting up with China’s antics.
Where Is the Trade War Currently?
President Trump’s new tariffs went into effect today. China was hit the hardest with a 104% tariff on all imports to the U.S. The country has already retaliated against this, announcing 84% tariffs on goods from the U.S. The battle seems like it could be long, as neither China nor the U.S. appears ready to back down on tariffs.
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