- Kevin O'Leary says he doesn't see a recession in the near future.
- Known as "Mr. Wonderful" on "Shark Tank," he adds that "domestic companies are on fire."
- O'Leary's comments come at a time when recession fears are looming and trade tensions across the world are escalating.
Kevin O'Leary told CNBC on Wednesday he's confident the U.S. is not nearing a recession.
"There is no recession coming in America," said O'Leary, known on "Shark Tank" as "Mr. Wonderful."
O'Leary, chairman of O'Shares ETFs, pointed toward rising cash flows and consumer spending in the U.S. as proof for his argument.
"Domestic companies are on fire," he said. O'Leary has been bullish on the economic state in the past, telling CNBC last month that he's "never seen a stronger economy in my life."
The economy was strong in 2018 under President Donald Trump. But this year, it appears to be slowing and perhaps reverting to the slow-but-steady-growth pattern seen under former President Barack Obama.
O'Leary's comments Wednesday come at a time when recession fears are looming and U.S.-China trade tensions are persisting.
According to the CME FedWatch tool, there's a 98.1% chance of another Federal Reserve rate cut next month. In July, central bankers reduced rates for the first time in more than a decade to a target range of 2% to 2.25%.
While he does not believe another rate cut is necessary, O'Leary said, he understands the pressure Trump is putting on the Fed and its chairman, Jerome Powell.
"At the very least, he's keeping the Fed on their back heels here," O'Leary said. "[Trump's] constant bashing is actually changing policy there."
O'Leary also reiterated his support for the president's efforts to try to force China to change the ways it conducts trade and business on the world stage.
Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank."