Kevin O’Leary is being brutally honest when it comes to China and its impact on American businesses. The “Shark Tank” investor and chair of O’Leary Ventures recently spoke out on social media and MSNBC, slamming China’s track record since joining the World Trade Organization in 2000.
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“They Never, Ever Complied”
According to O’Leary, the original plan to bring China into the WTO was based on the hope that exposure to democracy and fair trade practices would influence the country.
“I think it was Clinton’s administration, 2000, when he said, look, the way to win over China is to give them a taste of democracy on a worldwide basis,” O’Leary said in a video posted on social media. “Let’s invite them into the World Trade Organization if they’re willing to abide by the covenants of all the other nations.”
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But O’Leary said China never followed through. “They never, ever complied to a single covenant. Not the first week, not the 20th year,” he said. Grievances have piled up within the WTO and have never been resolved, he added.
Knockoffs Flood the Market
O’Leary shared a real-world example to show how U.S. businesses suffer. He pointed to a simple, patented product called “DrainWig.” As soon as it approached $5 million in sales, “boom,” knockoffs appeared everywhere, he said. “They didn’t have to spend any money in R&D or any legal fees for patenting it,” O’Leary explained.
“I’ve come to the conclusion they don’t even care,” he said. “And the reason they don’t care is there’s never any consequence.”
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Backing Trump’s Trade Policies
During his MSNBC appearance, O’Leary stood firmly behind Donald Trump’s tariff strategies, arguing that they’re long overdue. While critics like economist Paul Krugman and investor Bill Ackman have called the trade war risky, O’Leary said it’s the only way to get China to take the U.S. seriously.
“This is a game of chicken right now,” he said, as higher tariffs are necessary to bring China to the negotiating table.
O’Leary emphasized that he supports policy, not politicians. “There are millions of American companies wiped out by what China does,” he said. “I don’t know why you’re okay with it. You shouldn’t be.”
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Small Businesses Hit the Hardest
O’Leary pointed out that small businesses are the backbone of the U.S. economy, creating 62% of American jobs. “I’m just speaking on behalf of every small entrepreneur in America, and I think I have my army behind me,” he said.
Despite his frustrations, O’Leary said he remains open to doing business with China, but only if fair play is enforced. “We want to form some kind of a union that’s not so antagonistic. But you can’t cheat, you can’t steal,” he said.
Looking ahead, O’Leary is hopeful that new trade policies will start showing results soon. “Give it a few weeks,” he said. “I think we’re going to get something worked out here. Xi is also in a bad place.”
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