"400% tariffs" — Shark Tank's Kevin O'Leary defends the tariffs on China during the Senate hearing

Shark Tank investor Kevin O'Leary recently appeared during the Senate hearing, during which he voiced his opinions about the reciprocal tariffs that have been slapped on China by President Trump.

He revealed that there are 32 million companies in America right now, and only a very tiny percentage of these have over 500 employees. The rest are small and do not have enough power and influence to fight against apps such as Alibaba, which steal their creations.

This has become a huge problem and has even led a lot of businesses to shut down because their product stops selling, according to O'Leary.

He also highlighted the fact that China has a way into America's legal system, however, the reverse is not true. Thus, supporting the counter tariffs, the Shark Tank investor feels like this is more of an attempt at creating a level playing field. Writing on his Instagram, Kevin said,

"I’m done watching American entrepreneurs get steamrolled. If Chinese companies want access to our legal system, then it’s time we get access to theirs. Until then? 400% tariffs."

Shark Tank investor Kevin O'Leary supports the reciprocal tariffs on China

According to Kevin O'Leary, the Alibaba issue has been causing a lot of distress among American businesses for a very long time. Given their helplessness when it comes to fighting against it because there is no legal system in place, Kevin O'Leary stands with the reciprocal tariffs till they get a "level playing field."

Sharing about his experience regarding the whole discussion at the Senate hearing, the Shark Tank investor wrote,

"At yesterday’s Senate hearing, I shared a story that every American entrepreneur already knows too well. You build something great. You invest your own money, blood, sweat, and tears."

He continued,

"You prove it in the U.S. market. Then, BOOM — one day you wake up and see your product, your innovation, being sold on Alibaba. Knocked off. Branded like yours, but you’re not getting a single dollar. This is the reality for thousands of American small businesses. And it’s been happening for decades."

O'Leary says that this has not happened once or twice, but at countless incidents. This is when their proprietary products are replicated by manufacturers overseas and sold at a cheaper rate on global platforms.

His call for an even higher counter tariff comes at a time when the US Government is trying to counterbalance what officials view as an unfair trade relationship with China.

Trending

Shark Tank Season 16 episodes release weekly on ABC at 8 PM Eastern Time on Fridays. They are later available to watch on Hulu.

×

Was this article helpful?

Thank You for feedback