(NewsNation) — Canadian businessman and “Shark Tank” star Kevin O’Leary believes that President Trump and Chinese President Xi Jinping are “playing a game of chicken” and Trump should hit China with a 400% tariff.
O’Leary joined “The Hill” to discuss President Trump’s escalating war of words with the Federal Reserve and China regarding tariffs and trade as well as his views on the American economy’s prospects.
“This China stuff is getting crazy, but I like the fact that [Trump is] squeezing this deal … we’ve got to resolve it’s not about trade anymore with China,” O’Leary explained.
“It’s IP rights. It’s access to their markets. It’s Chinese companies trading money on the American markets. China is so different than the rest of the trade stuff.”
O’Leary reiterated his belief that a 400% tariff on Chinese goods coming into the U.S. should be implemented by President Trump.
“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.”
O’Leary also defended the mission behind Trump’s tariffs and resolve to strengthen the American economy further.
“Let’s remind everybody that 62% of jobs in America are created by small companies, five to 500 employees,” he said. “That is the essence of the American economy. They are the economy.”