The Blubber

“Shark Tank” investor and businessman Kevin O’Leary believes President Donald Trump isn’t going far enough in his trade fight with China—and says the 104% tariffs currently in place should be quadrupled.

Appearing on CNN Tuesday, O’Leary called for a sharp escalation in U.S. trade pressure, urging the Trump administration to impose tariffs of up to 400% to compel China to the negotiating table over issues like intellectual property theft and unfair trade practices.

“It’s time to squeeze Chinese heads into the wall now!” said O’Leary, who is known by his nickname “Mr. Wonderful” for his blunt persona on television.

Tensions between the U.S. and China have intensified in recent months. What began in January as a 10% tariff on Chinese imports has since ballooned to over 100%, with Beijing retaliating by raising its tariffs on U.S. goods from 34% to 84%. The trade war has triggered a cascade of economic turmoil and market volatility.

The bond market took a hit this week, as a selloff in U.S. Treasurys drove the yield on the 10-year note—a key benchmark for loans and investments—up to 4.47% before it eased to around 4.42%. Traders pointed to nervousness surrounding upcoming Treasury auctions, including a 10-year offering on Wednesday and a 30-year bond sale on Thursday.

Stock markets were also rattled. Japan’s Nikkei index fell 3.9%, while European markets dropped roughly 4%, reflecting the global reach of the growing trade dispute.

O’Leary, who has done business in China for years, accused the Chinese government of systematically violating international norms on intellectual property.

“They don’t play by the rules,” he said. “They’ve been in the WTO for decades, and they’ve never abided by the rules they agreed to. They cheat, they steal, they steal IP. I can’t litigate in their courts. They take product technology, steal it, manufacture it, and sell it back here.”

CNN anchor Laura Coates challenged O’Leary’s aggressive stance, asking, “400% tariffs?” in response to his proposal.

Meanwhile, Trump’s sweeping tariff policies continue to expand. A new 10% baseline rate, combined with harsher “reciprocal” tariffs, has been applied to dozens of countries—including allies like the EU, Japan, and Israel. Online Chinese retailers like Temu and Shein are now subject to tariffs following the closure of a de minimis loophole. A 25% tariff has also been imposed on foreign-made vehicles, affecting about half of all cars sold in the U.S.

The market response has been swift. Following what Trump dubbed “Liberation Day,” the Dow Jones Industrial Average plunged more than 1,000 points amid fears of a full-scale global trade war.