Kevin O’Leary, a well-known judge from the show "Shark Tank," recently shared his thoughts on tariffs against China, suggesting that the current rates are not enough. During a CNN interview, O’Leary criticized President Donald Trump for imposing a 104% tariff on Chinese imports, arguing that it should be raised to an astonishing 400%.
O’Leary, who has business dealings in China, expressed frustration over what he sees as unfair trade practices by the country. He claims that China has not followed the rules set by the World Trade Organization (WTO) since joining, alleging that they engage in cheating, stealing intellectual property, and manipulating trade. He emphasized the need for stronger measures, stating, “Nobody has taken on China yet,” and voiced his support for American businesses affected by these practices.
Trump announced the initial 104% tariff in response to China’s retaliation against previous tariffs. Following this, both countries implemented additional tariffs, bringing the total tax on Chinese imports to 125%. In a statement on Truth Social, Trump explained that the increased tariffs were necessary due to China’s lack of respect for global markets.
O’Leary shared his views on social media, urging for immediate action against China’s trade practices. He believes that a 400% tariff would be a more effective way to combat the issue and protect American businesses. His comments reflect a growing sentiment among some U.S. business leaders who feel that stronger actions are needed to address trade imbalances with China.
As the trade conflict continues, the situation remains tense, with both sides taking steps that could impact global markets. O’Leary’s call for a significant increase in tariffs highlights the ongoing debate about how to handle trade relations with China and the broader implications for American businesses and consumers.