Kevin O'Leary, chairman of O'Leary Ventures and a prominent investor on Shark Tank, was straightforward during a recent interview on Fox Business. He firmly declared that it was time to stop treating China as a developing nation, calling the status outdated and unfair. O'Leary also warned that China is engaged in what he described as “an economic war with us.”

The investor pointed out a significant issue with how the World Trade Organization (WTO) designates China as a developing nation. This classification allows China to receive special benefits, including sweetheart loans that O'Leary says American taxpayers partially fund. He stated bluntly, "China is not a developing nation. They're at economic war with us and European countries."

O'Leary explained that these benefits have given China an unfair advantage for decades. "Forty years of getting screwed, that's what happened," he said, highlighting how the U.S. and other nations have essentially subsidized China's rise while their economies have faced challenges.

A Hardline Stance on Trade

O'Leary shared his frustrations as a business owner who has faced what he described as unfair practices by China. "They don't play by the rules; there's nothing reciprocal in our relations," he said. For O'Leary, the solution is clear: hit China where it hurts most – their economy. He argued that the only way to get China's attention is through "very selected high-impact weaponry like tariffs."

According to O'Leary, imposing tariffs on sectors critical to Chinese employment could force the government to rethink its approach. "If you want to mess with the largest economy that you trade with, we will force a lot of people that make yoga mats or electronics or whatever else it is to be unemployed in your city," he said. "They'll be rioting in the streets, and you'll be out of power."

Time to Get Tough

O'Leary expressed hope that the future administration would address the problem head-on. He underscored the importance of a hard-line approach, saying, "You gotta be hard core. [President Xi] only understands the stick. That's all he understands."

O'Leary's comments reflected his belief that the U.S. has been too lenient with China for far too long. He blamed previous administrations – Democratic and Republican – for continuing this scenario. "When there's a Democrat in the White House, they go right along," he said, pointing to a history of inaction.

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