Canadian businessman and “Shark Tank” star Kevin O’Leary said President Trump and Chinese President Xi Jinping are “playing a game of chicken” and reiterated his proposal for Trump to hit China with a 400 percent tariff.
O’Leary joined NewsNation’s “The Hill” to discuss Trump’s escalating war of words with the Federal Reserve and China regarding tariffs and trade as well as his views on the U.S. economy’s prospects.
“This China stuff is getting crazy, but I like the fact that [Trump is] squeezing this deal … we’ve got to resolve it’s not about trade anymore with China,” O’Leary explained.
“It’s IP rights. It’s access to their markets,” he continued. “It’s Chinese companies trading money on the American markets. China is so different than the rest of the trade stuff.”
O’Leary doubled down on his belief that a 400 percent tariff on Chinese goods coming into the U.S. should be implemented by the Trump administration.
“You know you got to be bombastic about this stuff,” O’Leary said. “Xi and Trump … it’s a game of chicken. Two cars coming at each other. You’re gonna have to resolve it.”
O’Leary also defended the mission behind Trump’s latest sweeping tariffs and resolve to strengthen the American economy further.
“Let’s remind everybody that 62 percent of jobs in America are created by small companies, five to 500 employees,” he said.
“That is the essence of the American economy,” the investor added. “They are the economy.”