2 months ago
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Canadian businessman Kevin O’Leary once again called on President Donald Trump to hit China with an aggressive 400% tariff, while downplaying the economic conflict between Trump and Chinese President Xi Jinping as the two “playing a game of chicken.”
“I like 400, you know why? It rolls off the lips,” O’Leary told NewsNation’s “The Hill” on Monday. “Four hundred percent tariffs. … 400 … I’ve always liked that.”
J. Scott Applewhite via Associated Press
The “Shark Tank” investor appeared on the network to discuss the president’s recent economic tariffs and criticism of Federal Reserve Chair Jerome Powell, who O’Leary says will not be fired by Trump, despite their feud over cutting interest rates.
“You don’t want to whack the Fed. That’s a really bad idea,” O’Leary said. “You want the Fed and the executive to be working together. You know, that’s — the markets want an independent Fed.”
Financial experts have warned of an economic downturn if Trump follows through on his threats to oust Powell.
O’Leary told NewsNation to not let the ongoing feud between Trump and Powell draw attention from China.
“Look for the signal, not the noise. This too will pass,” O’Leary said. “It’s the China deal that we’re focused on now.”
O’Leary, who has defended Trump’s tariffs in the past, praised the president “squeezing this deal” with China “because it’s not about trade anymore.”
“It’s IP rights. It’s access to their markets,” O’Leary said. “It’s Chinese companies trading money on the American markets. China is so different than the rest of the trade stuff.”
The entrepreneur previously told CNN’s Laura Coates he has “nothing against the Chinese people,” but accused the government of cheating and stealing American intellectual property.
“The government cheats and steals and finally an administration — you may not like Trump, you may not like his style or his rhetoric — finally, an administration that puts up and says ‘Enough!’” O’Leary told Coates earlier this month.
O’Leary once again called for a 400% tariff on Chinese imports so the two countries can reach a trade agreement quickly.
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“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.”
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