Kevin O’Leary, better known as “Mr. Wonderful” from ABC's “Shark Tank,” isn't buying into recession fears fueled by recent tariff moves. In a recent interview on CNN that he posted on X, O’Leary said many economic forecasts are assuming tariffs will be “permanent and in perpetuity,” which he believes is unrealistic.
“I don’t think that’s the case,” he said. “What’s unusual about the situation we have now is Trump likes to actually let you watch sausage being made. He’s putting tariffs on the entire world. Never been done.”
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It’s About Reciprocity, Not Isolation
O’Leary explained that this approach is part of a broader push to make tariffs reciprocal. According to him, many of these trade rules date back to World War II and Trump is now trying to balance them out across countries.
“What he really wants to do is bring the ratio of tariffs to be equivalent between England or Canada or Mexico or any country,” O’Leary said. “In the end, if they’re going to be reciprocal, that actually promotes free trade.”
He argued that equal tariffs on both sides of a trade deal are inefficient. “It’s stupid to have the same equal tariff on both sides of any country. It’s just dumb. And everybody knows that.”
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Canada’s Situation Is Political, Not Economic
O’Leary also pointed to Canada, saying the tension there is more about politics than trade. He claimed Canadian politicians are using anti-Trump sentiment to energize voters ahead of an upcoming election.
“They’re using Trump to get out the base to vote, anti-Trump everywhere,” O’Leary said. He specifically called out the Canadian Prime Minister Mark Carney, saying, “He’s using Trump as the fulcrum to try to stay in power, or at least his party stays in power.”
No Recession in Sight
Despite the noise, O’Leary said he doesn't see signs of an economic downturn.
“I don’t think this is going to cause a recession. I don’t see it in my own companies yet. And I think it’s going to be short-lived,” he said.
He added that some U.S. politicians are already calling for zero tariffs on both sides of the U.S.-Canada border. “As occurred just 48 hours ago when Sen. [John] Kennedy out of Louisiana said, ‘Hey, what, are we idiots here? Canadians, zero tariffs. U.S., zero tariffs.'”
In O’Leary’s view, this period of tariff tension is part of a longer process of rebalancing global trade, and not something that should spark panic.
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