The ‘Shark Tank’ stage may be known for its cutthroat business deals, but the rivalry between co-stars Mark Cuban and Kevin O’Leary has now spilled onto the global trade front. The two entrepreneurs have clashed over the issue of tariffs on Chinese goods, with O’Leary calling for drastic action and Cuban cautioning against potential economic repercussions.
On Friday, O’Leary, known as ‘Mr. Wonderful,’ took to X, formerly Twitter, to express his frustration with China’s trade practices. He argued for a significant increase in tariffs, advocating for a whopping 400% rate. O’Leary claimed that China’s unfair business practices have persisted for decades and demanded a strong response.
“I can tell you firsthand they DON’T play fair,” O’Leary asserted, echoing a sentiment often voiced by Republican presidential nominee Donald Trump. He added, “I’m calling for REAL action, raise tariffs to 400%. Make it SO painful they have no choice but to come to the table.”
Cuban, however, immediately countered O’Leary’s call for increased tariffs, citing potential harm to U.S. companies. He referenced reports from Deutsche Bank and Goldman Sachs, which indicated that businesses were already facing difficulties due to existing tariffs. “Hey @kevinolearytv, this is what companies did in Sept of 2019 while your guy was negotiating,” Cuban tweeted, emphasizing the impact on businesses. “U.S. companies already are cutting costs, putting off investments and paying extra to build up inventory to help cushion the impact of China tariffs.”
This public disagreement between the ‘Shark Tank’ stars comes amidst a heated debate on trade policy. The Joe Biden administration recently raised tariffs on Chinese goods, prompting stock declines for tech giants Alibaba and JD.com. Meanwhile, Trump continues to defend his plans to impose substantial tariffs on cars imported from China and Mexico, aiming to protect American jobs.
The latest clash between Cuban and O’Leary reflects the broader complexities of the ongoing trade war between the United States and China. While some argue for aggressive measures to address perceived unfair trade practices, others warn of potential economic consequences. The debate over tariffs is likely to continue, with both sides fiercely advocating their positions.