BUSINESS INSIDER
Billionaire investor Mark Cuban says he’s working with Vice President Kamala Harris’ campaign to find ways to protect American companies from Chinese knockoffs.
In an X post on Wednesday, Cuban said he “had an interesting conversation with the @KamalaHarris team about protecting American companies from Chinese Knockoffs.”
“Knockoffs are a plague on small businesses, that costs them time, money and may put them out of business. Right now all marketplace platforms do is help them play whack-a-mole. Which I don’t believe is enough,” Cuban added.
“Should we require marketplace platforms to vet all foreign manufacturers selling on marketplaces selling to USA consumers Any suggestions on best approach?” he added.
Cuban did not say when the conversation took place, or what further strategies were discussed.
Counterfeiters have found a way to capitalize on the rise of online shopping platforms. According to a report by the Office of the United States Intellectual Property Enforcement Coordinator, knockoffs cost US businesses more than $200 billion a year and contribute to 750,000 jobs lost.
In February 2022, the Office of the United States Trade Representative called China the top country of origin for counterfeit goods seized by US Customs and Border Protection.
“Kamala is focused on supporting and protecting American companies from unfair foreign competition. Let me know what suggestions you have!” Cuban wrote on Wednesday.
Cuban and representatives for the Harris campaign did not immediately respond to requests for comment sent outside regular business hours.
This isn’t the first time Cuban has expressed support for Harris’ economic agenda. The “Shark Tank” star has been a vocal supporter of Harris ever since she took over as Democratic nominee from President Joe Biden.
“I talk to them. I tell them I’m going to say what’s on my mind. They say as long as you say you don’t speak for us, go for it,” Cuban said of his conversations with the Harris campaign, per Axios.
Cuban previously expressed his interest and support when Harris said she would lower drug prices “by taking on pharmacy middlemen.”
The billionaire has been trying to achieve the same goal with Mark Cuban Cost Plus Drugs Co., a low-cost online pharmacy that he cofounded in 2022.
“Kamala Harris is pro-business,” Cuban said in an interview on 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 CNBC host Andrew Ross Sorkin.
