“Shark Tank” investor Kevin O'Leary thinks that the U.S. imposing 104% tariffs on China isn’t enough. Instead, he called for imposing 400% tariffs on China.
O'Leary alleged that China does not play by the rules and despite being a member of the World Trade Organization (WTO), does not abide by its rules.
China steals intellectual properties (IPs) that can’t be litigated in the Chinese courts, added O’Leary. The Chinese government steals technology, manufactures products in their country, and sells them back to us, O’Leary claimed further.
The Shark Tank star was speaking to CNN when he made the remarks.
“I want Xi on an airplane to Washington to level the playing field,” O’Leary demanded as he said this isn’t about tariffs anymore. Nobody, including previous U.S. administrations and Europe, have taken on China for decades, he said, “I’ve had enough.”
O’Leary claimed he was speaking for millions of Americans who have IPs allegedly stolen by China. He said there is finally an administration — President Donald Trump’s administration — that is taking on China on the issue.
“Xi can only stay the supreme leader if people are employed,” the “Star Tank” judge said. With 25% of the world’s GDP, the U.S. is still the leading economy in the world but “we will not have that forever,” he warned. It is therefore crucial to pressurize China now, he added.
The U.S. has hiked “retaliatory tariffs” of 104% on Chinese imports. On Apr. 9, China hit back with “retaliatory tariffs” of 84% on U.S. imports effective Apr. 10.