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Shark Tank investor Kevin O'Leary recently said in his interview with Fox Business posted on Instagram on January 8, 2025, that the trade deficit between the United States and Canada has long been a subject of economic discussion, particularly in sectors like energy. He said:
"We are the largest partners together on Earth."
The Shark Tank investor indicated that the main role played in the bilateral trade relationship between the two nations is energy. O'Leary emphasized this collaboration and the means of making such a collaboration successful while upholding national sovereignty.
Shark Tank star Kevin O'Leary discusses U.S.-Canada trade deficit and economic opportunities
The trade deficit: Focus on energy
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O'Leary emphasized that energy is the driving factor behind the trade deficit between the two nations, with Alberta alone contributing $185 billion in energy exports to the United States.
He described this trade dynamic as a cornerstone of the economic relationship between the U.S. and Canada, which remains the largest bilateral trade partnership globally. He wrote:
"The trade deficit between the U.S. and Canada is primarily on energy."
In the interview, O'Leary explained that this trade imbalance shows the natural interdependence of the two countries and not the weakness of the economic system.
He said that the United States relies so much on the energy resources of Canada, and this mutual reliance strengthens rather than weakens it.
"And there's a lot of good things about that relationship."
O'Leary noted that this foundational connection provides opportunities for further collaboration, especially in areas where trade barriers can be reduced or eliminated.
Exploring opportunities for economic union
In both his interview and Instagram caption, O'Leary highlighted the potential for a stronger economic union between the United States and Canada without compromising Canadian sovereignty.
He referenced suggestions made by former U.S. President Donald Trump about eliminating tariffs and exploring deeper economic integration.
"There's a lot of opportunity between the two countries and I know Trump knows that," he noted.
The Shark Tank investor described "low-hanging fruit" opportunities, such as combining currencies, reducing tariffs on products like milk and dairy, and facilitating smoother trade across borders.
"A stronger economic union, low-hanging fruit like combining the currency, maybe giving a couple of seats to the Bank of Canada, the Fed, and then eliminating tariffs on milk and dairy and any East-West North-South."
He also mentioned the possibility of granting Canadian representatives seats at the Federal Reserve to ensure equitable participation in decision-making processes.
These measures, he suggested, could lead to significant economic gains for both countries while respecting their identities.
The role of leadership and transition
The Shark Tank investor also called for a pause in major policy shifts until new leadership is firmly in place.
"Now, whether my request fell on deaf ears, I don't know, but I would very much like to see just a pause while we get the new guy in place. And we go to work," he explained.
The Shark Tank investor comments suggest a preference for strategic and measured approaches to addressing trade and economic policies rather than abrupt changes.
He further noted that the Canadian public is intrigued by the idea of a stronger economic partnership with the United States.
"Canadian people are intrigued with Trump's suggestions not to give up their sovereignty," he said.
However, he stressed that this interest does not equate to a desire to relinquish sovereignty, framing the discussion as one of collaboration rather than consolidation.
Catch new episodes of Shark Tank airing on ABC on Fridays at 8 PM ET. Fans can also stream all episodes on Hulu to stay up-to-date with the latest business ventures and investor insights!
