‘They cheat, they steal’: ‘Shark Tank’ star Kevin O’Leary guns for 400% tariffs on China

Kevin O’Leary, the self-proclaimed “Mr. Wonderful” of Shark Tank, seems to have found a new way to extend his 15 minutes of fame — by enthusiastically licking the boots of Donald Trump and doubling down on the president’s trade war theatrics.

Nothing says “economic genius” quite like taking an already disastrous policy (104% tariffs on China) and suggesting that we quadruple it to 400%. On CNN earlier this week, O’Leary blasted China for what he called “systemic intellectual property theft” and trade practices that, in his words, have been cheating the global system for decades. While these are valid concerns, his solution — a dramatic escalation of tariffs — is not only impractical but potentially disastrous.

Shark Tank's Kevin O'Leary, sucking up to Donald Trump, says 104 percent tariffs on China "aren't high enough."

Give me a break. This is the same guy who used the model of outsourcing manufacturing to China, regardless of the quality, to made the biggest buck by producing the… pic.twitter.com/cxrrQvQEPq

— Patti Mohr (@MohrMedia1) April 9, 2025

O’Leary argued that the United States should use its economic power to force China into compliance. His claim? That the U.S., which accounts for 25% of global GDP and 39% of the world’s consumables, has the leverage to bring Chinese President Xi Jinping to the negotiating table. “It’s time to squeeze Chinese heads into the wall now,” O’Leary said, adding that no administration — not even Trump’s — has gone far enough in addressing China’s violations.

The crux of his argument is that China has never abided by the rules it agreed to when it joined the World Trade Organization (WTO). He accuses Beijing of intellectual property theft, copying U.S. innovations, and flooding global markets with cheaper knock-offs. He also laments the inability of foreign businesses to litigate in Chinese courts, making it nearly impossible for U.S. companies to fight back against IP theft.

O’Leary’s proposal might sound bold, but it ignores some basic economic realities. For starters, tariffs don’t just hurt the country they’re imposed on — they hurt the imposing country as well. Global markets are already reeling from the implementation of the current round of tariffs, with Japan’s benchmark index plummeting 3.9% and European stocks shedding about 4%. The bond market has taken a significant hit, with the yield on the 10-year Treasury note climbing to nearly 4.5% – a development that affects countless loans and investments for average Americans who, unlike O’Leary, don’t have millions to cushion them from economic shocks.

For someone who built his reputation on being a shrewd businessman, O’Leary demonstrates a remarkable willingness to gamble with an economy that affects hundreds of millions of people who didn’t sign up for his high-stakes game.

The strangest part of all this? I find myself wondering if O’Leary actually believes what he’s saying or if this is just another performance in the endless reality show that American political discourse has become. Either way, as I watch billionaires casually suggest policies that would cause economic havoc for regular people, I can’t help but think we’ve reached the final season of America’s economic reality show – and the writers are clearly running out of believable plot lines.