On Tuesday, on Fox News Channel’s “Americas Newsroom,” Shark Tank star Kevin O’Leary said President Donald Trump’s plan to implement 10% tariffs on China is not enough to squeeze them.
Co-host Dana Perino said, “So Mexico and Canada were obviously motivated to try to get to a deal with President Trump yesterday, and they got a 30-day pause. Do you think President Xi is of a similar mind?”
O’Leary said, “No, I don’t. I think China is a completely unique situation, very different than Mexico, very different than Canada. China, since 1999, when they joined the WTO, has never abided by the rules in any single year, and they certainly don’t abide by IP law. And clearly, the fentanyl issue has been outstanding for years. In addition to that, from a manufacturing point of view, a company we all know well, Apple does a massive amount of manufacturing and job creation there.”
He added, “I think the China deal is far more complex and requires a lot more negotiation than a weekend of just suspending tariffs for 30 days. If U.S. companies never get IP reciprocality, this is an economic war that’s unique. It’s an AI war. It may become a military war one day. China is just completely different, and I think they need a lot more squeezing than just this. I’m surprised there’s only 10%. I thought 400% would be a good place to start. It’s just you can’t compare these three situations. They’re all different, but China is a big, big, big problem. And I’m not sure this is going to be resolved on a weekend deal.”
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