“Shark Tank” co-star Kevin O’Leary said on Thursday in the Fox business that the US has retained China on a massive economic leverage and now it’s time to use it.
The White House said Wednesday that tariffs on China will only be reduced through negotiations, despite President Donald Trump signaling possible easing. In his appearance in “The Evening Edit,” O’Leary said the US should exploit its dominant consumer markets to pressure China to adhere to fair trade practices, implement intellectual property rules and end the benefits of one-sided that have been persisting over the years.
“Millions of people work in factories that make things that aren’t going to the market. The biggest market on the planet does not have to face US XI. Trump will do the medium term in less than two years.” “This will be resolved relatively quickly. He has to face Chinese workers sitting there every day and making something.
Accepting his admiration for the Chinese people and his desire to sell in China, O’Leary turned his attention to what he said was a tactic of the Chinese government.
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“I love Chinese people. I want to do business there. But the government, there’s negotiations going on here. It’s dance. We’re starting to dance. I don’t care how the sausages are made. I’m one of those people who says, ‘I’ll solve everything, not just tariffs on China,'” Olliely said. “China is a different story from the world. I got what’s going on in Europe, the UK, Switzerland and India. I don’t care about that. I want to solve the big Kahuna problem, not just tariffs on China.”
O’Leary has listed the core issues the US needs to bring to the negotiation table, including forced IP forwarding, unequal market access and regulatory double standards.
“It’s time to level the arena. I’ve been saying the same thing for a few weeks: IP theft, access to their market, abolishing their company, and not following the rules I have to follow because of millions of dollars,” Ollary said. “They don’t have to. Why do they do that? Why don’t we put it on the table? I don’t care what they say. I know they’re talking because they don’t have options.”
As the EU is also beginning to oppose saturation of China’s market, O’Leary said the US is the only economy large enough to force real concessions. (Related: Britthume says the first 100 days in Trump’s poll will be “all but one underwater”)
“We have to squeeze our heads while we are the biggest economy on the planet. It’s all consumed and 26.1% of the world’s GDP. Otherwise you won’t get this opportunity again. Now you don’t care about volatility. “No one’s solving it. Let’s do this. And when it comes to Trump’s chaos syndrome, I’ll get it. Half of the people don’t like it. I don’t care about it anymore. It’s not about Trump either.
The US-China trade war escalated rapidly after Trump’s April 2nd tariff announcement, prompting retaliation from Beijing. Within days, Trump raised tariffs on Chinese imports from 104% to 125%, and later increased China to at least 145% to bring it back to the negotiation table.
By mid-April, tariffs on some Chinese products I’ve reached it This is up to 245% in response to China’s countermeasures. Trump also imposed a 25% tariff on steel, aluminum, automobiles and other imports, and said the fare would not return to zero due to past trade imbalances.
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