American entrepreneur and “Shark Tank” host, Canadian investor Kevin O’Leary recently shared his lesson learned from doing business in China on a television program. He expressed that President Trump must impose tariffs on China as it is the only effective way to deal with the Chinese Communist Party.
In an interview on the “Fox Business Live” program on Monday, O’Leary stated that China’s behavior differs significantly from that of Canada or any other country. He noted that since China joined the World Trade Organization in 1999, they have consistently violated rules with every country, including the United States.
According to O’Leary, who has personal experience in doing business in China, he was severely taken advantage of. He emphasized that China does not adhere to rules and there is no reciprocity in their relationships.
He suggested that the only way to address issues with what he likes to refer to as the “Supreme Leader” (referring to the Chinese Communist Party leader Xi Jinping) is by imposing tariffs on industries that employ a significant number of Chinese workers, causing economic pain and risk.
O’Leary added, “I have no bias against the Chinese people, but I am strongly against their government (the Chinese Communist authorities). The only way to put pressure on him (Xi Jinping) is to say, listen, if you want to disrupt the largest economy you trade with (the United States), we will force many Chinese workers who manufacture yoga mats, electronics, or anything else to be unemployed. They will take to the streets due to hunger and spark riots, causing your regime to lose power as well.”
He emphasized on the program that this is the only method that will be effective.
O’Leary further stated that the United States “must take a tough stance,” as the Chinese Communist Party and its leaders only understand “carrot and stick policies.” He believes that any sign of weakness will be exploited, something that has been happening for years.
O’Leary hopes that the Trump administration will address the issue of the Chinese Communist Party during his term. He highlighted that he suffered real harm in his trade dealings with China, and there are millions of businesses facing the same situation in the United States.
O’Leary, a 70-year-old renowned businessman, investor, author, and television personality, is well-known for his candid personality and keen insight into investments. He founded an education software company called SoftKey in 1986, which became a leader in the industry in the 90s. Later, he sold the company for $3.6 billion to one of the world’s largest toy manufacturers, Mattel, garnering him significant fame.