“Shark Tank” star Kevin O’Leary thinks President Trump is being too soft on China and that the 104% tariffs that were imposed on Beijing should be quadrupled.
The Canadian businessman and television personality appeared on CNN on Tuesday and called for a dramatic escalation in US trade pressure on China — urging the Trump administration to impose tariffs as high as 400% to force Beijing into serious negotiations over intellectual property theft and trade practices.
O’Leary, who is known by the nickname “Mr. Wonderful” for his blunt mannerisms and bluster, added: “It’s time to squeeze Chinese heads into the wall now!”
Tensions between the two economic giants have flared again in recent months.
After Trump proposed a 10% tariff on Chinese imports in January, the number has quickly ballooned to over 100%.
Beijing responded with its own countermeasure — raising their tariffs on US imports from 34% to 84% — igniting both a trade skirmish and a heated rhetorical battle.
Global markets tumbled Wednesday following the implementation of sweeping new US tariffs and swift retaliation from China, fueling investor anxiety and setting Wall Street up for another volatile session.
The bond market took a major hit, with a selloff in US Treasurys drawing particular attention.
The yield on the 10-year note — a benchmark for countless loans and investments — climbed as high as 4.47% before settling around 4.42%.
Traders cited growing unease ahead of upcoming Treasury auctions, including 10-year notes on Wednesday and 30-year bonds on Thursday.
That tension spilled over into equities. Japan’s benchmark index plunged 3.9%, while European stocks shed about 4%, underscoring the global reach of the economic jitters.
O’Leary, who has done business in China for years, accused the Chinese government of systemic intellectual property violations.
“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,” he said.
“They cheat, they steal, they steal IP. I can’t litigate in their courts. They take product technology, they steal it, they manufacture it and sell it back here.”
CNN host Laura Coates pushed back, questioning the extreme nature of his proposal: “400% tariffs?”
Unfazed, O’Leary doubled down.
“I want [President] Xi [Jinping] on an airplane to Washington to level the playing field. This is not about tariffs anymore,” he said.
“Nobody has taken on China yet. Not the Europeans. No administration for decades.”
He insisted that many US innovators and business owners feel the same frustration, noting that their work is often copied without consequence.