Investor Kevin O’Leary is urging former President Donald Trump to go even further in his hardline approach to China, calling for dramatically increased tariffs as the administration stays firm on its trade stance amid intense market swings.
“104% tariffs against China are not enough. I’m advocating 400%,” O’Leary said in an interview on CNN. “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 for decades. They cheat, they steal, they steal IP, I can’t litigate in their courts.”
White House press secretary Karoline Leavitt confirmed Tuesday that a new 104% tariff on goods from China would be implemented the following day. During the same press conference, she reaffirmed Trump’s view that Beijing is interested in reaching a trade agreement.
“I want [China’s President] Xi on an airplane to Washington to level the playing field,” he said.
O’Leary, who is known as “Mr. Wonderful,” went on to say that the issue has moved beyond just taxes on imports. “This is not about tariffs anymore,” O’Leary continued. “No one has taken on China yet. Not the Europeans. No administration for decades. As someone who actually does business there, I’ve had enough. I speak for millions of Americans who have IP that has been stolen by the Chinese.”
“The government cheats and steals and finally an administration — you may not like Trump, you may not like his style or his rhetoric — finally, an administration that puts up and says ‘enough.’”
He argued that harsh economic consequences could compel President Xi Jinping to come to the negotiating table, since political power in China depends on maintaining a strong job market. “Xi can only stay the supreme leader if people are employed,” he said.
“It’s the time to squeeze Chinese heads into the wall now,” he added, emphasizing that the United States still holds considerable economic dominance and should use that power to pressure China into meaningful talks.
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{Matzav.com}