close video Kevin O’Leary on EU willing to go zero-for-zero on tariffs: ‘This is the opportunity, this is the moment’
O’Leary Ventures Chairman Kevin O’Leary reacts to the EU floating zero-for-zero tariffs to the U.S. on industrial goods.
The European Union offered President Donald Trump an "off-ramp" to ease trade tensions and market volatility with their willingness to go zero-for-zero on tariffs on industrial goods, Kevin O'Leary told FOX Business on Monday.
"This is a really huge opportunity for Trump to find an off-ramp here in the administration," the "Shark Tank" star said, noting the EU's significance in automotive trade.
"Because if you think about how restricted it's been in Germany alone or in Switzerland or France about getting U.S. cars into those markets. They've been so punitively oppressed with tariffs, and they're willing to wipe those out."
TRUMP'S 10% BASELINE TARIFFS ON IMPORTS FROM MANY COUNTRIES NOW IN EFFECT
Kevin O’Leary told FOX Business on Monday that the EU’s zero-for-zero tariff offer is a huge opportunity for the Trump administration. (Marla Aufmuth / Getty Images)
O'Leary pointed to ongoing volatility in the global market, but said the EU's offer could mark the beginning of a "beautiful outcome" if the Trump administration seizes the opportunity.
"The Eurozone has been brought to its knees," he continued.
EU THREATENS ‘FIRM COUNTER-MEASURES’ AS TRUMP'S TARIFF DEADLINE LOOMS
European Union flags fly outside the European Commission headquarters in Brussels, Belgium, April 10, 2019. (REUTERS/Yves Herman/File Photo / Reuters Photos)
"It's willing to go zero-zero and open its markets up, and that's the key. The idea that you would open up the markets and set the path for every other negotiation of the other 59 countries… This is the opportunity. This is the moment."
European Commission President Ursula von der Leyen said Monday that the EU has offered the U.S. a deal to remove tariffs on industrial goods as a part of trade negotiations.
CLICK HERE TO GET FOX BUSINESS ON THE GO close video Kevin O’Leary breaks down two key factors in play in Trump administration tariff negotiations
O’Leary Ventures Chairman Kevin O’Leary paints the long-term picture of President Donald Trump’s tariff impacts and addresses JPMorgan ChaseCEO Jamie Dimon’s warning that tariffs will slow the economy.
The move comes on the heels of Trump imposing 20% tariffs on the EU and other U.S. trade partners, creating panic among investors.
EU Trade Commissioner Maroš Šefčovič clarified that the zero-for-zero deal could include cars and other goods, including chemicals, pharmaceuticals, rubber and plastic machinery, according to Politico.