With China hiking its trade war stakes with the U.S., “Shark Tank” star and entrepreneur Kevin O’Leary is calling for the adversary’s assets to be delisted from markets.
“My estimation, as of this morning, somewhere between $500 to $700 billion worth of market capitalization that should be delisted, taken off the exchanges, add further pressure on the Chinese to come to the table,” O’Leary said on “Mornings with Maria” Friday.
“And I speak on behalf of every American investor. Enough is enough,” he added. “And I don’t know why this is going on. I’m only asking the new [SEC] chair: uphold the law, just uphold the law.”
Early Friday, China announced that it will raise tariffs on American imports from 84% to 125%. The move represents the latest escalation of an ongoing trade war between the U.S. and China, which is led by the Chinese Communist Party.
AUSTRALIA REFUSES TO ‘JOIN HANDS’ WITH CHINA TO FIGHT U.S. TARIFFS
China indicated that it made the move in response to the U.S. raising tariffs, but also claimed it does not plan to retaliate against any potential additional U.S. tariff increases.
O’Leary criticized China for “never” abiding by the rules and regulations since joining the World Trade Organization in 2000, and suggested that they get a taste of their own medicine.
“I’m an investor. I take companies public on NASDAQ and the New York Stock Exchange. I pay millions of dollars each year in compliance. I have no choice but to be compliant and transparent and abide by [Generally Accepted Accounting Principles]. And right beside me, issuing shares without any guidance at all, are Chinese companies,” O’Leary started.
“I’m competing for that dollar. I’m investing in our markets and being compliant, and my Chinese competitor, same bank I’m using, is going to institutions the same day on a road show and raising money for what’s called a shadow share,” he expanded. “It’s not even a real share. They don’t even have any rights. And they’re taking my dollar.”
“So I’m putting up my hand saying, wait a minute, just follow the law. Delist these companies, make them be compliant like I am.”
China’s latest retaliation announcement comes as President Donald Trump slapped a 125% tariff on the top Asian exporter.
In response, the Chinese finance ministry said: “The US’s imposition of abnormally high tariffs on China seriously violates international economic and trade rules, and also violates basic economic laws and common sense. It is a completely unilateral bullying and coercive practice… Given that at the current tariff level, there is no market acceptance for U.S. goods exported to China, if the U.S. continues to impose additional tariffs on Chinese goods exported to the U.S., China will ignore it.”
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FOX Business’ Alex Nitzberg contributed to this report.
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