"Wanted an embargo" - Shark Tank's Kevin O'Leary on US trade wars with China

Shark Tank's Kevin O'Leary, in a recent discussion with CNN, talked about the current trade tensions between the United States and China. He discussed the evolution of tariffs and a new trade policy towards their Asian counterpart.

He urged a firmer stance on Chinese trade practices and praised the negotiations that are currently happening in Geneva.

Previously, he had called for a 400% tariff against Chinese imports, and when questioned about the same, Kevin revealed that his opinion on the matter has not softened at all. His view was to create pressure on the Chinese authorities till they create a level playing field for the US to work with them.

However, praising everything that is going on in Geneva, the Shark Tank investor says that it seems to be working. Explaining, he said,

"I wanted an embargo, I wanted to shut China trade down until they came to the table. They are at the table in Geneva. It could have been Riyadh, it was Geneva, that's fine. But it's not just tariffs, 'cause I'll tell you where I think we're going."

Continuing, he said,

"I'm looking at this saying, 'Alright, it's a 10 and 10 reciprocal right now with a 20% bump on the whole fentanyl thing." That could come off anytime when the Chinese stop shipping fentanyl here, and they know that they're working on that."

Shark Tank investor Kevin O'Leary on US and China's trade tensions

Kevin, the Shark Tank investor, claimed that it is high time that the conversation and deals should go beyond duties and levies to include fundamental issues such as intellectual property protection and financial transparency.

One of the biggest concerns that he had was about the flow of fentanyl into the United States. There is a 20% on the "whole fentanyl thing," and this additional penalty could be lifted if China takes a serious step to halt the fentanyl related export of chemicals to the US. He said,

"But it's not just the tariffs. Where are we on WTO grievances? Remember, they joined in 2000; they have been abusing that rule forever. I'm an investor, I love China. I wanna do business there, but I want a level playing field."

He added,

"That means I need IP protection, access to their courts to settle grievances, and I wanna shut them down here, raising capital if they won't abide by GAP rules on the NASDAQ and the New York Stock Exchange. And from what I understand out of Geneva, this is all rumors and innuendos, all of those are on the table."

The Shark Tank investor was all in about the strategic importance of all these negotiations. He concluded by saying that the United States might move towards a broader framework for trade that resembles the VAT Tax. It will be implemented under the guise of tariffs.

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Shark Tank season 16 episodes release weekly on ABC at 8 PM Eastern Time on Fridays. They are later available to watch on Hulu.

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