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With the current tariff situation sparking negotiations between China and the USA, Shark Tank judge Kevin O'Leary suggested the current administration hold China accountable for not following the covenants of the World Trade Organization. In a recent video he posted on his Instagram on April 24, he discussed how things have been with China when it came to their place in the World Trade Organization.
"They(China) don't even care. The reason they don't care is there's never any consequence," he said.
The Shark Tank investor became well-known through the show, and now people often look to him for his views on money, business, and politics. He often speaks in interviews and podcasts, breaking down complex topics for everyday people.
In the video, Kevin said China had ignored World Trade Organization rules for over 20 years and that it was time to hold them responsible.
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What Shark Tank investor Kevin O'Leary had to say about negotiating with China
In the video, Kevin was seen walking in a garden while speaking the following into his phone. He recollected that it was Clinton's administration that thought that the way to win over China was to give them a taste of democracy on a worldwide basis. This was the reason China was invited into the World Trade Organization.
This was on the condition that China must be willing to abide by all the covenants of trade set by all the member nations together and bring them to trade with the "big leagues". He added that China agreed to follow the rules of the organization, so they were given a place in it.
The Shark Tank investor further stated that he didn't know if the then administration of China had the same feelings about their place in the coveted organization as Xi does now, but,
"They never ever complied to a single covenant."
He added that they didn't do it in the first week after joining the World Trade Organization, nor did they do it in the 20 following years. He added that China's place in the WTO has been full of grievances that have never been addressed, arbitrated, litigated, or resolved by the nations in the organization.
He then talked about how American companies were different when it came to following the rules. Giving an example of a product called Drain Wig, whose function was to catch hair and debris from the drain, Kevin said it had a patent because it was a great idea.
He added that as soon as it hit 5 million in sales, there were knockoffs of it everywhere, despite the patent. He said the knockoffs were being sold for 40-50% off, unjustly. The Shark Tank expert added that the creators of knockoffs didn't have to spend any money on Research and Development or pay any legal fees for patenting it.
Yet they took the brunt from people who didn't want to follow the rules of the World Trade Organization. He added that the rule breakers didn't care because they never faced any consequences for it. In the caption of the post, Kevin added that the problem was that they were letting them get away with it.
For more updates from Shark Tank judge Kevin O'Leary, fans can follow his official Instagram account, @kevinolearytv.
