"Making this plea without any information yet": Shark Tank's Kevin O'Leary reacts to whether tariffs will be waived for all small business importers

Shark Tank's Kevin O'Leary, on May 2, 2025, shared a video clip via Instagram, discussing whether all tariffs should be waived for small business importers. In his latest interview with CNN, the O'Leary Ventures chairman shared his thoughts on the latest tariff updates and more.

Kevin O'Leary opened up about there being no information, and the "plea" is being made regarding the trade deals. He said that it would be "really great" to get it penned.

Shark Tank judge shared his thoughts:

"They're making this plea without any information yet about what trade deals look like by union country or by country, and so it would be really great to actually get this first one penned which were being teased about."

He added:

"We might see it tonight because I'll tell you why. What you want to know about this is is this a deal where the country has reduced all tariffs to zero and the U.S. has reciprocated to zero. So now we have between us free trade. Is that what it's going to look like or does it look like this?"

Shark Tank's Kevin O'Leary discusses latest tariff discussions and more

While discussing with CNN, Shark Tank's Kevin O'Leary was asked to share his thoughts on the current tariff discussions by the chamber. There have been discussions about waiving tariffs for small business importers. For products not being produced in the US or not readily available, there should be an "automatic exclusion" of tariffs.

Kevin said they were pleading "without any information" about the trade deal. For each union and country, there might be a different deal. Further, he mentioned that some countries could reduce "all tariffs" to zero and that the US might do the same. If so, there would be a potential free trade.

"Let's say it was India. I'm speculating it is India and they were charging us 110% on automotive going into India and we were not charging anything near there automotive coming back into the U.S. so it's completely imbalanced. So do we end up in a situation where both are now at 10% both ways and the reason that might be the case and why I'm saying 10%," he added.

Kevin O'Leary noted that the U.S. does not have a VAT - Value Added Tax, a consumption tax. However, VAT applies to most of the "rest of the world." He mentioned how VAT works. When purchasing a bag at the airport, the VAT is returned to the consumer.

He also mentioned the latest price hike by Rolex, and more.

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