Trump ally reveals jaw-dropping China tariff hike that will wipe out all cheap goods to US
By Ben Shimkus
Daily Mail
Apr 9, 2025
President Donald Trump has imposed a record-setting 104 percent tariff on China.
According to Shark Tank star and DailyMail+ columnist Kevin O'Leary, the President needs to go higher.
In a blistering interview on CNN, O'Leary said China has taken advantage of a decades-long slowdown in American manufacturing and plays on an uneven field.
He proposed a solution for President Trump: raise tariffs four times higher.
'I'm advocating for 400 percent,' he said. 'I do business in China. They don't play by the rules.'
O'Leary's commentary comes after he advocated against any tariffs being placed on the ally nations in an interview on Fox News.
But China, he said, is very different.
'They cheat, they steal, they steal IP, I can't litigate in their courts,' he said.
Kevin O'Leary, who became a household name as a panelist on Shark Tank, said Trump needs to raise tariffs on China
'I want [Chinese President] Xi [Jinping] on an airplane to Washington to level the playing field.'
The millionaire businessman said the Trump administration could use the leverage of his huge tariff to exact pain on China.
'As someone who has actually done business there, I've had enough,' he said.
While O'Leary says that Trump could go further on his tariffs with China, he recently said the President has gone too far with the European Union.
The 70-year-old businessman told Fox News last week that Trump had a golden opportunity for an 'off-ramp' from the 20 percent tariffs specifically waged against the European bloc.
'It's willing to go zero-zero and open it's markets up - and that's the key,' O'Leary claimed.
'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. This is the moment.'
His comments hit while stocks were in turmoil.
Kevin O'Leary asked for higher tariffs on China a few days after asking for no tariffs on Europe
The Trump administration initially announced a tariff policy that slapped 10 to 50 percent tariffs on goods, depending on their country of origin
Major indexes dropped at least 4 percent on both Thursday and Friday last week after the President revealed a reciprocal tariff policy that slapped countries with tariffs that ranged up to 50 percent.
Investors knew that the President Trump wanted to launch import taxes on global importers: they were surprised by the massive scale of his policies.
The stock drops lost trillions of dollars worth of investments from some of America's most iconic companies, like Apple, Ford, Tesla, Nike, and Amazon.
Losses started to rumble inside the White House, leading some of the biggest billionaire Trump supporters to openly question the President's policies in public.
President Trump pulled back the higher reciprocal tariffs today, sending the major indexes on a record-setting north-bound tear.
It was the third best day for the stock market since World War II — however, they havent recuperated all of last week's losses.
1 comment:
Sometimes to have to take the bad tasting medicine in order to cure the illness.
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