16 Jan Kevin O’Leary: What Trump’s historic trade deal with China means for the global economy
President Donald Trump’s signing of an initial trade deal with China is a step in the right direction, said Kevin O’Leary, chairman of O’Shares ETFs.
“I think it’s a good first step and nothing else will happen until after the election, but at least it’s a step in the right direction and basically one of the largest purchase orders in U.S. history,” O’Leary told Kitco News.
O’Leary’s comments come as the agreement was signed on Wednesday, in which China has promised to buy an additional $12.5 billion in American agricultural products in the first year, and then another $19.5 billion the following year.
The U.S. government has spent about $28 billion bailing out American farmers, who have been hit the most during the trade wars with China.
O’Leary noted that while the U.S. is making progress in international trade, Canada has been “shut out” by notable partners such as China.
“I keep going back to how shut out Canada is, how Trump played Trudeau like a puppet and Freeland like a puppet,” he said, adding that “they had no idea what they were doing when they arrested that Chinese daughter of a very important party leader.”