'Turn the dial up': Kevin O'Leary calls for bringing the heat against China to 'blowtorch temperature'
O'Leary called for the US to push for equal footing in trade with China
Kevin O'Leary says investors 'shocked' by Harris' economic proposals: 'Bidenomics 2.0'
O'Leary Ventures Chairman Kevin O'Leary on Vice President Kamala Harris' plan to implement price controls if elected and warnings against former President Trump's push for tariffs.
"Shark Tank" star Kevin O'Leary called for the U.S. to "turn the heat up" to "blowtorch temperature" against China to get a level playing field in trade, meticulously striking when the time is right.
"This is basically a fight with China to get to a level playing field in trade," he told FOX Business' Stuart Varney on Monday, as he addressed former President Donald Trump's proposal to impose tariffs on the foreign adversary.
"Personally I don't like tariffs long-term but I understand there's weaponry. What I would prefer happen in either administration [Trump or Harris] is to actually turn up the dial even hotter, at a time when the Chinese economy is not in its strongest position, and force them to the table on IP law and reciprocal laws and access to public markets."
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OLeary Ventures Chairman Kevin OLeary weighed in on Trump's proposed tariff increase on China and Kamala Harris' plan to implement price controls. (Ting Shen/Bloomberg via Getty Images / Getty Images)
He continued, "It's time to really make them understand no more access to the U.S. market unless we get a reciprocal place. Squeeze Chinese heads is what I'm willing to do, so I like tariff policies, not forever, but to turn the heat up to a blowtorch temperature."
Former President Trump's economic vision for the nation, if elected this November, would include steeper tariffs on China, which he argues would protect U.S. manufacturing jobs.
The proposed policy would involve enacting a duty of at least 10% on all imports from all countries, a 60% tariff on all imports from China and a 100% import on all vehicles made outside the U.S.
KEVIN O'LEARY TEARS INTO HARRIS' ‘INFLATIONARY’ ECONOMIC AGENDA: ‘WE’RE GETTING BIDENOMICS 2.0'
Former President Donald Trump plans to put pressure on China and other foreign nations by implementing tariffs on imports, if elected. (Photo by Nic Antaya/Getty Images / Getty Images)
O'Leary also blasted Vice President Kamala Harris for her recently-floated plan to institute a "federal ban on price gouging on food and groceries" as president in an attempt to stop "big corporations" from taking advantage of consumers, a proposal that raised many eyebrows.
"If you go back to the ‘70s, when we tried this in the U.S., it was a disaster. Look at Venezuela today or North Korea, or the old USSR [which] tried this. It leads to black markets. It leads to a complete loss of freedom of goods and a breakdown of distribution," he said.
HARRIS CALLS FOR RAISING CORPORATE TAX RATES TO 28%
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Circle Squared Alternative Investments founder Jeff Sica pushes back on the belief that Trump's China tariffs will create inflation on 'Varney & Co.'
"This is a really, really, bad idea, and I'm so shocked that she's doing it. We're all shocked," he continued.
"We can't believe this is the platform. We're almost stunned because this leads to a position of just saying, 'Well, you're getting the same thing you had, and Bidenomics as a brand is toxic waste to the swing voter. It's associated with inflation. All of these ideas are very inflationary."
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Jon Taffer rips Kamala Harris' 'absurd' economic proposals: 'Catastrophe'
'Bar Rescue' host Jon Taffer sounds off on Vice President Kamala Harris' proposed economic policies, including a proposed 28% corporate tax rate and a price control plan.
Fox News' Gabriel Hays and Megan Henney contributed to this report.
