In a recent CNN interview, Shark Tank star and DailyMail+ columnist Kevin O’Leary voiced his opinion on President Donald Trump’s trade policies, particularly the hefty 104 percent tariff imposed on China.
While the tariff is already a significant measure, O’Leary believes that the U.S. should take it even further, advocating for a 400 percent tariff on Chinese goods.
O’Leary Urges Trump to Increase Pressure on China
O’Leary, a well-known businessman, didn’t hold back in his criticism of China’s trade practices, calling them unfair and detrimental to American interests.
“They cheat, they steal, they steal intellectual property, and I can’t litigate in their courts,” he remarked during the interview.
He emphasized that while the U.S. could negotiate with allies, China’s behavior warranted stronger action.
O’Leary has a unique perspective, having conducted business in China himself, and he believes that higher tariffs could create the leverage necessary to bring China to the table.
Tariffs on China and the European Union: O’Leary’s Contrasting Views
While O’Leary advocates for tougher tariffs on China, he has a different stance when it comes to the European Union.
Last week, he appeared on Fox News to discuss President Trump’s 20 percent tariffs on European imports.
According to O’Leary, there was an opportunity to ease tensions with the EU, potentially creating a more favorable environment for future negotiations.
“The idea that you would open up the markets and set the path for every other negotiation of the other 59 countries… this is the opportunity,” he explained, urging for a more strategic approach with the EU.
Stock Market Reactions and the Impact on Global Investments
O’Leary’s comments came amid major stock market turmoil, with major indexes dropping by at least 4 percent on two consecutive days.
The market’s reaction was tied to President Trump’s announcement of a reciprocal tariff policy that imposed tariffs of up to 50 percent on foreign imports.
The announcement led to significant losses for some of America’s most iconic companies, including Apple, Ford, Tesla, Nike, and Amazon.
These losses also raised concerns within the White House, particularly among some of Trump’s biggest billionaire supporters.
A Swift Market Recovery and Future Uncertainty
In response to the market downturn, President Trump rolled back the proposed higher tariffs, resulting in a remarkable recovery for the stock market.
The recovery was so significant that it marked the third-best day for the stock market since World War II.
However, despite the rebound, the market has not fully recovered from the losses experienced last week.
Investors and policymakers alike are left to grapple with the long-term implications of these trade policies and the fluctuating market reactions.