He said he's "very happy with China right now" because it's paying billions in tariffs, which are helping American farmers.
But how is this back-and-forth between economic superpowers impacting the markets?
"The consumer is strong and has remained strong."
"I think all of the economic indicators ... low unemployment, wage growth, low gas prices, interest rates indicate that the U.S. consumer is dealing with whatever tariffs are in place really well," Simon told FOX Business' Neil Cavuto.
Simon pointed to Walmart's earnings from last week, which indicated that "tariffs have had a nominal effect."
"I think the president has an interest in solving it because, as long as the economy stays strong and a trade deal gets done, I think the president's in better shape from a re-election standpoint," Simon said on "Cavuto: Coast to Coast."
Simon believes China has a vested interest in making a deal, too, since the tariffs are having a major impact on its economy.