Kevin O’Leary of Shark Tank fame says that the European Union’s “zero-for-zero” tariff proposal on industrial goods has offered President Donald Trump a meaningful opportunity to de-escalate trade tensions.
What Happened: According to O’Leary, the EU is prepared to remove tariffs on a variety of industrial goods in return for the U.S. doing the same.
O’Leary posed the move as a grave juncture in global trade negotiations that could have far-reaching impacts.
"This is a really huge opportunity for Trump to find an off-ramp here in the administration," he said on Fox Business.
The deal could remove long-standing barriers for American carmakers in markets like Germany and France. O’Leary highlighted that the EU "is willing to wipe those out."
Why It Matters: O’Leary observed this could alter market sentiment and trade dynamics.
"The Eurozone has been brought to its knees," he said, arguing that such a strategy could set the stage for U.S. negotiations with other countries.
"This is the opportunity. This is the moment," he added.
EU Commission President Ursula von der Leyen confirmed the offer, while Trade Commissioner Maroš Šefčovič hinted that the deal could cover sectors like chemicals, pharmaceuticals, and machinery.
O’Leary's warning indicates that failure to act could extend the instability, but in his view, the EU proposal is the start of a "beautiful outcome" if accepted by the White House.
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