Billionaire investor Mark Cuban doesn’t think former President Donald Trump’s call for 200% tariffs on agriculture equipment company John Deere is a good idea.
“This lack of understanding of business is insane,” Cuban wrote in an X post on Monday.
Cuban was weighing in on the 200% tariff that Trump said he would impose on John Deere. Trump issued the threat at an agricultural policy roundtable in Smithton, Pennsylvania on Monday.
“I love the company, but as you know, they’ve announced a few days ago that they’re gonna move a lot of their manufacturing business to Mexico. I’m just notifying John Deere right now: If you do that, we’re putting a 200% tariff on everything that you want to sell into the United States,” Trump said.
“They think they’re going to make product cheaper in Mexico and then sell it in for the same price as they did before, make a lot of money by getting rid of our labor and our jobs,” the former president added.
In June, John Deere announced that it would shift some of its production — specifically, the manufacturing of skid steer loaders and compact track loaders — from Dubuque, Iowa, to Ramos, Mexico, by the end of 2026.
But imposing such a hefty tariff on John Deere, Cuban said, would be counterproductive.
“Put a 200% tariff on the American company moving some production to Mexico. But tariff Chinese manufacturers 10 or 20%, so that the Chinese products will be cheaper to sell in the US than the American company,” Cuban wrote on X.
“Good way to destroy a legendary American company and increase costs to American buyers,” he continued.
Cuban’s criticism of Trump is unsurprising, considering his staunch support of Trump’s rival, Vice President Kamala Harris.
The “Shark Tank” star has endorsed Harris and backed her economic agenda since she became the Democratic nominee.
“Kamala Harris is pro-business,” Cuban said in an interview with CNBC’s “Squawk Box” on September 5.
“She’s talked more about entrepreneurs and helping them have access to investment and making it easier for people to invest in startups than any president that I’ve ever heard talk about startups and entrepreneurs,” Cuban told journalist Andrew Ross Sorkin.
“Kamala Harris is pro-business,” says @mcuban. “She’s talked more about entrepreneurs and helping them have access to investment than any president that I’ve ever heard.” pic.twitter.com/I6b97cLzta
— Squawk Box (@SquawkCNBC) September 5, 2024
To be sure, Trump has talked about imposing heavier tariffs on China if he wins November’s election.
In February, Trump confirmed in an interview with Fox News’ “Sunday Morning Futures” host Maria Bartiromo that he will impose tariffs of more than 60% on Chinese goods.
“You know, obviously, I’m not looking to hurt China. I want to get along with China. I think it’s great. But they’ve really taken advantage of our country,” Trump told Bartiromo.
Cuban and representatives for Trump and John Deere did not immediately respond to requests for comment from Business Insider sent outside regular office hours.
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