President Donald Trump increased tariffs on China on Wednesday at 125%, but the star of “Shark Tank”, Kevin O’Leary, says that he should go further.
“The Trump administration has just announced a 90 -day break on world prices, with the exception of China. Their price is 125%. This is a start … But it is not enough,” wrote O’Leary on X on Wednesday.
“My plan? 400% of prices on Chinese imports. Period,” he added.
Trump said on Wednesday that he interrupted the reciprocal rates he imposed on 185 90 -day countries.
Trump announced the prices on April 2, or what he called the “Liberation Day”. A reference rate of 10% entered into force on Saturday, while a higher set of rate rates which varied according to the country entered into force on Wednesday. Trump said he was stopping at the highest series of prices, although the 10% reference rate would remain.
Trump, however, said that the break would not apply to China. The president imposed a tariff of 20% on China last month. Last week, he declared that he would impose a reciprocal rate of 34%additional before hiking it further from 50%, going to 104%.
But Trump increased these prices again on Wednesday, this time at 125%. In a social position on Wednesday, Trump said that his decision was “based on the disrespect that China has shown in global markets”.
O’Leary said in his article Wednesday that even if he still wanted to do business in China, he also wanted a “playground, the one where American entrepreneurs can compete fairly and have access to their markets in the same way that they access ours”.
“China is not just playing, and it’s time that we stop letting them get away,” O’Leary wrote at X hours after Trump’s announcement.
O’Leary’s beautiful opinions on prices distinguish him from many business leaders and experts, who have warned that new commercial restrictions would harm rather than help the American economy.
“We are far from being out of the woods. Much of the credibility has been lost. Be afraid,” former Treasury Secretary Larry Summers wrote on Wednesday after Trump’s announcement.
The billionaire of hedge funds, Bill Ackman, said on Wednesday that China should prevent the response and start negotiating with the United States.
“Advice for China: pick up the phone and call the president. He is a difficult but equitable negotiator. The longer China is, the more the result for China,” Ackman wrote on X.
Ray Dalio, the founder of Bridgewater Associates, said on Wednesday that it was the right time for countries to “reconsider their approaches” on trade.
“There are better ways to manage our unbearable debt problems and imbalances, and President Trump’s decision to step back in a worse manner and negotiate how to manage these imbalances is a much better way,” wrote Dalio in an article on X.
O’Leary and the White House did not respond to requests for comments from Business Insider.
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