A heated debate unfolded on CNN’s NewsNight as Shark Tank star investor Kevin O’Leary and Washington Post economics columnist Catherine Rampell sparred over tariffs and the differing economic policies of Vice President Kamala Harris and former President Donald Trump.
The exchange began when Rampell questioned why Trump continues to push for tariffs on countries like China. O’Leary, who runs multiple businesses, responded forcefully, accusing China of taking advantage of his companies for over 30 years. “China’s been screwing my 45 businesses for more than three decades,” he stated. O’Leary further added that he “likes the idea of going to war with China with tariffs to change behavior.”
Rampell quickly pushed back, arguing that tariffs have not succeeded in altering the Chinese government’s actions. O’Leary, however, blamed “weak leadership” from President Joe Biden and the Clintons for the failure to address the issue effectively. “They wanted to democratize China,” he said, before declaring his solution: “It’s time to raise tariffs on China to 400 percent.”
When Rampell pointed out that Trump had already imposed tariffs on China during his presidency, O’Leary shot back, “Not enough.” As Rampell cited studies showing that U.S. businesses and consumers were bearing the brunt of these tariffs, a frustrated O’Leary responded, “I love the academic study. I’m doing real business in China! I’m actually doing business there. I’m actually working there. There are no academics in my companies.”
The clash escalated as Rampell continued to emphasize that higher tariffs would hurt American consumers, explaining that many U.S. companies rely on Chinese imports for their products. “Where do you think they buy their inputs from? From China! It hurts Americans,” she argued.
O’Leary, however, refused to concede, asserting that China’s intellectual property theft was a major issue. “The Chinese steal my IP. They make the same product with the molds that I pay for there. They ship them to this country under a different brand. I don’t like it anymore, and I’ve been trying to solve this for 30 years.”
Rampell stood firm, warning that higher tariffs could make goods more expensive for Americans. O’Leary disagreed, insisting that a steep tariff increase would lead consumers to stop purchasing Chinese products altogether. “No. You’re wrong,” he said. “Americans would simply no longer buy products from China with such a tariff.”
The debate underscored the sharp divide between the two over how to handle U.S.-China economic relations, with O’Leary advocating for tougher measures and Rampell highlighting the potential fallout for American consumers.