President Donald Trump on Wednesday raised tariffs on China to 125%, but “Shark Tank” star Kevin O’Leary says he should go further.
“The Trump administration just announced a 90-day pause on global tariffs, EXCEPT for China. Their tariff is going up to 125%. That’s a start… but it’s NOT ENOUGH,” O’Leary wrote on X on Wednesday.
“My plan? 400% TARIFFS on Chinese imports. PERIOD,” he added.
On Wednesday, Trump said he was pausing the reciprocal tariffs he imposed on 185 countries by 90 days.
Trump announced the tariffs on April 2, or what he called “Liberation Day.” A baseline rate of 10% took effect on Saturday, while a higher set of tariff rates that varied by country went into effect on Wednesday. Trump said he was pausing the higher set of tariffs, though the 10% baseline rate would remain.
Trump, however, said the pause would not apply to China. The president imposed a 20% tariff on China last month. Last week, he said he would impose an additional 34% reciprocal tariff before hiking it further by another 50%, taking it to 104%.
But Trump raised those tariffs again on Wednesday, this time to 125%. In a Wednesday Truth Social post, Trump said his decision was “based on the lack of respect that China has shown to the World’s Markets.”
O’Leary said in his post on Wednesday that while he still wanted to do business in China, he also wanted a “LEVEL PLAYING FIELD, one where American entrepreneurs can COMPETE FAIRLY and get access to their markets the same way they access ours.”
“China doesn’t play fair, and it’s time we stop letting them get away with it,” O’Leary wrote on X hours after Trump’s announcement.
O’Leary’s hawkish views on tariffs set him apart from many business leaders and experts, who have warned that further trade restrictions would hurt rather than help the US economy.
“We are far from being out of the woods. Much credibility has been lost. Be afraid,” former Treasury Secretary Larry Summers wrote on X on Wednesday, after Trump’s announcement.
Hedge fund billionaire Bill Ackman said on Wednesday that China should stop retaliating and start negotiating with the US.
“Advice for China: Pick up the phone and call the President. He is a tough but fair negotiator. The longer China holds out and retaliates, the worse the outcome for China,” Ackman wrote on X.
Ray Dalio, the founder of Bridgewater Associates, said on Wednesday that it was a good time for countries to “reconsider their approaches” on trade.
“There are better and worse ways of handling our problems with unsustainable debt and imbalances, and President Trump’s decision to step back from a worse way and negotiate how to deal with these imbalances is a much better way,” Dalio wrote in a post on X.
O’Leary and the White House did not respond to requests for comment from Business Insider.
