“Shark Tank” investor Kevin O'Leary in a recent interview claimed that President Trump's tariffs on China are necessary because the US must train Beijing “like a puppy” to “steal” intellectual property.
“It's not just trade tariffs. It's you're cheating and stealing. We're tired of it and you have to stop it. They don't really care that they steal IP. [intellectual property] – They don't. They think it's okay,” O'Leary appeared on CNN on Friday morning.
“It's pretty much… similarity is like a puppy. When you train it, you stick your nose into the poop, roll up the newspaper and smash it on the back edge,” the Canadian businessman told host Jim Saito. “That's what we had to do here in China. I hate using that analogy, but that's where we're in 20 years. They don't understand how this works.”
Trump disrupts the current state of global trade with sudden tariffs on China as well as “liberation day” tariffs targeting domestic import taxes around the world. He also set up higher mutual tariffs on dozens of countries before suspending them for 90 days.
Trade reforms have led to unstable global financial markets and worried home consumers who could plunge the US into a recession. Trump ruled out a suspension on tariffs on most countries on Wednesday, which is why he increased his mission by 125%. It had already added to the 20% tariff.
China opposed the 145% tax on Friday morning, raising tariffs on goods coming from the US to 125%.
Earlier this week, O'Leary said he supports slap 400% tariffs in China, denounced the world's second-largest economy for failing to follow the rules of the World Trade Organization, which the country participated in in 2001.
“This isn't about tariffs anymore. No one is challenging China yet. They're not Europeans and they don't have decades of government,” O'Leary said Tuesday. “As someone who actually does business there, I had enough.”
The Canadian entrepreneur said on Friday that Chinese President Xi Jinping would come to the negotiation table “wherever he is” and launch a new deal with the US.
“I encourage this to happen because I don't want this trade war with China. I want to trade with the Chinese people, but they steal our IP and steal so that they don't care,” O'Leary said.
