“Shark Tank” investor Kevin O’Leary said Tuesday that he is an advocate for placing 400 percent tariffs on China as the Trump administration ramps up its import taxes on the country.
O’Leary, appearing on CNN’s “Laura Coates Live,” called on President Trump to increase the pressure on Beijing, even after Trump expanded tariffs on the nation to more than 100 percent and said he would not back down.
“104 percent tariffs on China are not enough. I’m advocating 400 percent,” O’Leary said.
“I do business with China,” he continued. “They don’t play by the rules.”
The investor argued that China, who has been part of the World Trade Organization since 2001, has “never abided” by the group’s rules that they initially agreed to.
China was originally hit with a 34 percent duty on goods imported to the U.S. as part of Trump’s “Liberation Day” reciprocal tariffs. The taxes were levied on top of the already existing 20 percent tariffs.
After the Chinese Ministry of Commerce retaliated with its own 34 percent tariff on the U.S. and vowed to fight Trump’s trade war, the White House increased the tariffs again, bringing the total tax up to 104 percent early Wednesday.
Beijing was quick to respond and said it would add its own 84 percent tariff on U.S. goods come Thursday.
The Trump administration pointed to other countries that have already signaled willingness to cut a deal with the U.S. over the tariffs, suggesting China should follow suit. White House press secretary Karoline Leavitt said it was a “mistake” for China to retaliate, but noted Trump was open to a negotiation with Chinese President Xi Jinping if he reached out.
O’Leary noted Tuesday that he would like Xi to get on a plane and fly to Washington to cut a deal with Trump.
“This is not about tariffs anymore. Nobody has taken on China yet. Not the Europeans. No administration for decades,” O’Leary said. “As someone who actually does business there, I’ve had enough.”
He clarified that he has no problem with the Chinese people, but rather the government. The investor argued that additional tariffs would harm Chinese businesses and that would be one of the only ways Xi could be removed from power.
“America is the number one economy on Earth with all the cards. We will not have that forever,” O’Leary said. “It’s time to squeeze Chinese heads into the wall now.”
