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.”
On news that Prince Harry and Meghan Markle, the Duke and Duchess of Sussex, are planning to leave the Royal Family, O’Leary said that moving to Canada would be a big mistake.
“If they want to get into business they should be moving to Los Angeles where the market is ten times larger for celebrity goods and services,” O’Leary told Kitco News. “So if Meghan wants to bring out a line of clothing or whatever it is, the Martha Stewart strategy, I would do that out of L.A. or New York because the market’s just bigger.”
Prince Harry and Meghan Markle announced on their official Instagram page that they intend to step down as “senior members of the Royal Family and work to become financially independent, while fully continuing to support Her Majesty The Queen.”
The couple has expressed interest in relocating to Canada. O’Leary said that the decision alone could create a rift between them.
“My guess is [Prince Harry] will not leave his family. Those two are going to have to work something out. I can’t believe that anybody would ever leave the Royal platform,” he said.
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