Investor and TV personality Kevin O'Leary, known as Mr. Wonderful, says the current tariff panic is overblown and that the real issue is a stalled negotiation between the U.S. and China. During a recent appearance on Fox Business, O'Leary described the situation as chaotic but fixable.
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Mixed Messages and Missed Opportunities
“I think we have a negotiation going on that has been detailed ad nauseam. It's a little chaotic from the point of view that you don’t get a consistent message out of the administration,” O'Leary said. “That's got to get cleaned up, and that's self-inflicted. They can fix that.”
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The major sticking point? China. O’Leary emphasized the importance of understanding China’s position in the broader trade conversation, especially with tariffs being discussed at levels that would essentially freeze trade.
“Right now I want 400%, but that’s just bombastic. One hundred-plus percent wipes out all trade, and so there’s boats on the water waiting to bring in product,” he said.
He added that Chinese President Xi Jinping needs to respond to what he described as two olive branches offered by President Donald Trump over the weekend. “Xi at some point has to take the olive branch that’s been offered twice over the weekend by Trump and say, ‘Okay, let’s start talking,'” O'Leary said.
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O’Leary also dismissed speculation that China could hit back by dumping U.S. Treasury bills. “Everybody thinks, ‘Oh, he’s got the leverage of selling T-bills.’ No, he doesn’t. He doesn’t have that leverage,” he said. “If you study FX, you know if he starts dumping T-bills, the dollar goes down, his currency goes up, and he’s virtually screwed.”
According to O'Leary, the U.S. has the upper hand. “All that stuff that’s made in the factories—almost 39% of it—is consumed by Americans. If he can’t sell the stuff, those people [in China] don’t have jobs. And that’s going to be a bad outcome for him. He knows it.”
Escalation on Both Sides
Meanwhile, the trade standoff deepened after China retaliated against the United States for raising tariffs on Chinese imports to a total of 145%. In response, Beijing increased its own tariffs on U.S. goods to 125% and imposed restrictions on 18 American companies, mostly in defense-related industries. This adds to about 60 other U.S. firms already targeted by China over the past year.
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China's Finance Ministry criticized the latest U.S. moves, calling them a “mistake on top of a mistake” and saying they undermine global trade rules. Beijing also released a white paper defending its trade practices and claiming it had fulfilled its obligations under the 2020 phase 1 trade deal, which was disrupted by the pandemic.
“The U.S. has systematically escalated economic and other forms of pressure against China,” the paper said. “Concurrently, the U.S. has promoted false narratives related to human rights, Hong Kong, Taiwan, Xinjiang and the pandemic.”
The rising tensions have started to impact other areas, with China issuing travel and education warnings for its citizens visiting the U.S., including a specific alert for students considering studying in Ohio.
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