Kevin O’Leary, also known as Mr. Wonderful from the TV show Shark Tank, has called for a 400% tariff on China, arguing that the current 104% tariff imposed by President Donald Trump is not enough.
What Happened: O’Leary voiced his opinion during a CNN panel discussion on Tuesday. The entrepreneur, who is the chairman of O’Shares Investment and private-equity firm O’Leary Ventures, criticized China’s trade practices.
“They don’t play by the rules,” O’Leary stated, referring to China’s behavior in the World Trade Organization and his business experience with the country. According to him, China steals product technology and sells it back to the U.S.
“They have never abided by any of the rules they agreed to when they came in for decades,” stated the Shark Tank star.
O’Leary also believes the U.S. will hold the advantage in negotiations, arguing that Chinese President Xi Jinping‘s grip on power depends on maintaining employment for the population.
Why It Matters: In response, China called for dialogue with the U.S. on Wednesday and released a white paper asserting its compliance with all WTO rules and emphasizing the mutual benefits of trade.
This call for increased tariffs comes after a series of escalating trade tensions between the U.S. and China. On Tuesday, President Trump imposed a 104% tariff on Chinese imports, causing stock futures to plummet. In retaliation, China announced a significant hike in tariffs on U.S. goods, raising them to 84% from the previous 34% on April 10. These events have intensified the ongoing trade war between the world’s two largest economies.
Interestingly, a report cited by the Wall Street Journal suggests that despite growing political and economic tensions between the U.S. and China, many American companies are still hesitant to reduce their presence in the world’s second-largest economy.
Meanwhile, Apple Inc. APPL in an urgent logistics operation, moved five planeloads of iPhones and other products from manufacturing hubs in India and China to the U.S. in just 72 hours, ahead of Trump’s reciprocal tariffs.
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