Investor Kevin O’Leary called on President Donald Trump to impose even more punishing tariffs on China on Tuesday as the Trump administration continues to hold the line on its trade policies in the wake of severe market volatility.
“104% tariffs against China are not enough. I’m advocating 400%,” O’Leary said in an interview on CNN. “I do business in China. They don’t play by the rules. They’ve been in the WTO for decades. They have never abided by any of the rules they agreed to when they came in for decades. They cheat, they steal, they steal IP, I can’t litigate in their courts.”
Press secretary Karoline Leavitt confirmed on Tuesday that an additional 104% tariff on Chinese imports will be imposed on Wednesday. In Tuesday’s press briefing, Leavitt also reiterated Trump’s belief that China is looking to make a deal.
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“I want [China’s President] Xi on an airplane to Washington to level the playing field,” he said.
“This is not about tariffs anymore,” O’Leary continued. “No one has taken on China yet. Not the Europeans. No administration for decades. As someone who actually does business there, I’ve had enough. I speak for millions of Americans who have IP that has been stolen by the Chinese.”
“The government cheats and steals and finally an administration — you may not like Trump, you may not like his style or his rhetoric — finally, an administration that puts up and says ‘enough.’”
‘SEISMIC SHIFT’ IN TRADE CAUSING FRACTURED MESSAGING ON TRUMP TARIFFS
O’Leary said that placing massive economic pressure on Chinese President Xi Jinping would force him to negotiate with the US because “Xi can only stay the supreme leader if people are employed.”
“It’s the time to squeeze Chinese heads into the wall now,” he added, explaining that the US still has great economic leverage as the leading economic power in the world to force China to the bargaining table.
Fox Business’ Rachel Wolf contributed to this report.
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