While addressing the rally in support of Democratic Presidential Candidate Kamala Harris, Billionaire and Shark Tank Judge Mark Cuban Cuban criticized Trump’s idea of placing a 60% tariff on all imports from China, arguing that it would hurt everyday Americans.
“Trump has this idea that a 60% tariff on everything we import from China is somehow a good thing,” Cuban said. “He thinks China will pay for it, but really, it’s American consumers who will feel the impact. It’s the same kind of thinking behind his promise that Mexico would pay for the wall.”
Cuban pointed out that many products Americans rely on are made in China, from toys to clothing and electronics. He warned that a significant price increase could hit consumers, especially around the holiday season.
“If these tariffs happen, we’re looking at prices jumping 50 to 60% on the stuff we buy for family and friends. That’s going to make a difference in how people spend, especially during Christmas,” Cuban added.
“Trump has this idea that a 60% tariff on everything we import from China is somehow a good thing,” Cuban said. “He thinks China will pay for it, but really, it’s American consumers who will feel the impact. It’s the same kind of thinking behind his promise that Mexico would pay for the wall.”
Cuban pointed out that many products Americans rely on are made in China, from toys to clothing and electronics. He warned that a significant price increase could hit consumers, especially around the holiday season.
“If these tariffs happen, we’re looking at prices jumping 50 to 60% on the stuff we buy for family and friends. That’s going to make a difference in how people spend, especially during Christmas,” Cuban added.
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NewsTranscript
00:00You know, in my career, I've learned a lot about business, including how tariffs work.
00:10Now let me just ask you a question, do you all know anybody who doesn't know how tariffs
00:18work?
00:19All right, I'll give you a hint.
00:23That other guy.
00:24Now he has this crazy, crazy, crazy notion that putting a tariff of 60% on every single
00:32product imported from China is a good idea.
00:36Let me just tell you, this man has so little understanding of tariffs, he thinks that China
00:42pays for them.
00:44This is the same guy who also thought that Mexico would pay for the wall.
00:47So there's no, did Mexico pay for that wall?
01:01No, you said it wrong.
01:03Hell no.
01:04That's what I'm talking about.
01:07You know, we all know that across the board, tariffs are a tax on everybody.
01:10All the major economists have said so.
01:12Kamala has talked about it over and over again, but you know, I'm going to give him a little
01:16bit of credit.
01:21I honestly think that he used to understand how tariffs work.
01:25I mean, back in the nineties and the early two thousands, he was a little bit coherent
01:30when he talked about trade policy and he actually made a little bit of sense, but I don't know
01:36what happened to him.
01:38The way he's been thinking about tariffs and trade now, something's a little bit lost and
01:43now his trade policies, particularly with tariffs, are basically just gibberish.
01:47Do you hear what I'm saying?
01:52But when it gets worse, when it comes to tariffs with Donald Trump, it gets a lot worse.
01:59Hear me.
02:00I'm sounding like Colin.
02:01Hear me when I say, hear me when I say that Donald Trump wants you to have a lousy Christmas.
02:12Donald Trump, Donald Trump is that Grinch, the Grinch that wants to steal your Christmas.
02:23Now let me explain.
02:25People just don't realize how many of the products that we use on a daily basis are
02:29made in China.
02:30It's a lot.
02:32And this time next year, you're going to be making decisions on the Christmas presents
02:36you want to buy for family and friends, won't you?
02:40All the toys, sporting goods, clothes, shoes, backpacks, even the good old book of dad jokes
02:48that I get every single Christmas.
02:51If Donald Trump is elected and he puts these 60% tariffs on Chinese products, they're all
02:57going up.
02:58All those things you buy are going up, not by 10% or 20%, but by 50 or 60% or more.
03:07It'll be up so much.
03:08You won't be able to afford the presents that you want for your family and friends.
03:15That's how bad the tariffs he wants are.
03:18I didn't hear you.
03:19I'll ask you another question.
03:23If prices go up 50 or 60%, will you be able to afford all the presents you want to buy
03:28for your family and friends?
03:33Hell no.
03:34Hell no.
03:35Hell no.
03:36I've got some new best friends.
03:37I like you here.
03:38You know, it'll be really, it'll be tough.
03:39It'll be heartbreaking not to be able to buy the Christmas presents that you want.
03:48And you know who will be the Grinch that stole that Christmas?
03:52Yeah, we don't like him.
03:55Let's just call him the Grinch from now on.
03:58But you know what?
03:59It gets worse than that.
04:00It's not just about the Christmas presents you won't be able to buy because his tariffs
04:02made them too expensive.
04:05But we were talking about small businesses, the local retailers that you've been supporting
04:10for years that are in your community, the local clothing shop, the local sporting goods
04:14store, the local knickknack store that carries all the candles and all the goodies and funky
04:18gifts that you like to buy.
04:21Their costs for everything they sell or most of the things they sell could go up by 60%.
04:27And unfortunately, when you raise your prices, again, the Grinch doesn't understand how economics
04:32work.
04:33But when the tariff increased the cost of their goods, the things that they sell, and
04:38they have to raise the price to match the tariffs, are they going to sell as much?
04:43I thought I had you all trained too.
04:49And so what happens is when people can't buy as much as they were going to, because the
04:55prices went up, because of these stupid Chinese tariffs, not only is it a bad Christmas for
05:01you, but it's a bad Christmas for every single retail.
05:05The Grinch is the one that's going to be putting these companies out of business.
05:11The Grinch is the one that's going to be putting these small businesses.
05:15Let me just say, this is the first time in my entire life someone's ever said they can't
05:19hear me.