Kevin O’Leary, a Canadian businessman and Shark Tank star, called for “400%” taxes on China to compel Beijing to the bargaining table. While making an appeal to US President Donald Trump to go harsher on China, he criticized the Chinese government for stealing intellectual property of the United States.
“104% tariffs in China are not enough. I’m advocating 400%,” O’Leary stated during his appearance on a CNN panel on Tuesday night.
Beijing retaliated with a 34% tariff on US goods after Trump proposed a 10% tariff on Chinese imports in January. Less than three months later, the rate has risen to 104%, sparking a full-fledged verbal as well as economic battle.
O’Leary fumes at China: ‘I want Xi on an airplane…’
O’Leary, a fervent Trump supporter, demanded that the president increase pressure to engage China in negotiations, alleging that Beijing does not follow the regulations despite being a member of the World Trade Organization (WTO).
O’Leary accused Beijing of stealing intellectual property (IPs) that are not subject to Chinese court proceedings. After stealing technology, he claimed that China produces goods in their country, and then sells them back to the US.
He further declared that this was no longer about tariffs and said, “I want Xi on an airplane to Washington to level the playing field.”
Stressing that no one has challenged China for decades, not even past US governments or Europe, he remarked, “I’ve had enough.”
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O’Leary asserted that he was speaking on behalf of millions of Americans whose intellectual property has allegedly been plundered by China. He claimed that the Trump government is the first to confront China on the matter.
Continuing his tirade against the Chinese President, Trump supporter stated that “Xi can only stay the supreme leader if people are employed.”
He highlighted that the US is the world’s largest economy, accounting for 25% of global GDP, but warned that “we will not have that forever.” Therefore, he said, it is imperative that China be under pressure right now.
Meanwhile, Trump has increased “retaliatory tariffs” on Chinese imports by 104%. In response, China imposed 84% “retaliatory tariffs” on American goods, which went into force on April 10.
It remain unclear if Trump would pay heed to Kevin O’Leary’s advise amidst the ongoing turmoil in the world market.
