A top Canadian businessman has urged Donald Trump to enforce 400 per cent tariffs on China.
Kevin O'Leary urged the US President to ramp up the pressure on Beijing just as Trump paused tariffs for 90 days - except for those imposed on China.
The Republican slapped China with an increased tariff of 125 per cent earlier this evening in a shock announcement amid escalating tensions between the two global superpowers.
Ahead of Trump's shock announcement, O'Leary insisted that 104 percent tariffs on China were "not enough", adding that he was advocating a 400 percent levy instead.
A top Canadian businessman has urged Donald Trump to enforce 400 per cent tariffs on China
GETTY
"I do business with China. They don’t play by the rules," he told CNN, mentioning that Beijing "never abided" by the World Trade Organisation's regulations since they joined in 2001.
The investor added: “This is not about tariffs anymore. Nobody has taken on China yet - not the Europeans, no administration for decades.
"As someone who actually does business there, I’ve had enough.“
"America is the No. 1 economy on Earth with all the cards. We will not have that forever. It’s time to squeeze Chinese heads into the wall now," he urged, explaining that the only way to oust President Xi from his presidency is through crippling Chinese businesses with sky-high tariffs.
LATEST ON TRUMP'S TARIFFS:
- Donald Trump PAUSES highest tariffs in economic U-turn as US president hikes China levy to 125%
- Peter Hitchens says Donald Trump ‘not a wholly rational and responsible person anymore’ after dramatic tariff U-turn
- Donald Trump's tariffs contain major loophole for classic car owners with 'key detail in the small print'
Trump's tumultuous tariff trade war has plagued stock markets around the world since America's so-called "Liberation Day" when the President announced a series of retaliatory tariffs that blew the global economy out of the water on April 2.
However, he announced earlier this evening that he would halt tariffs imposed on 75 countries who did not retaliate last week and hoped to work towards a trade deal with the US.
Sharing the news on his platform Truth Social, he announced that he had "authorised a 90 day pause, and a substantially lowered reciprocal tariff during this period, of 10 per cent".
Meanwhile, in the same post, he blasted Beijing with a sky-high tariff following news indicating that China had planned to enforce an 84 per cent tariff.
Donald Trump spoke to reporters outside the White House
GETTY
Trump wrote: "Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125 per cent, effective immediately".
Speaking to press at the White House on Wednesday afternoon, he said that imposing tariffs "takes guts".
He said: "[It] takes guts for our country to go through it. That’s why I say be cool. They were saying about just be cool. It’s going to work out. It’s going to work out. And it’s working out... maybe faster than I thought.
"It’s going to take a little conditioning. It’s a transition to greatness. There’ll be nothing like it. And people investing in our country, they’re going to do better than they’ve ever done before."
