Jack Ma makes a grim prediction about US-China trade war

Jack Ma makes a grim prediction about US-China trade war

Jack Ma makes a grim prediction about US-China trade war

On Monday, the Trump administration expanded tariffs on another $200 billion worth of Chinese imported goods.

Ma had met US President Donald Trump two years ago and laid out his company's plan to bring one million small US businesses onto its platform to sell to Chinese consumers over the next five years. "They still have many opportunities despite the trade frictions between China and the US", Ma said.

Despite this, Alibaba will continue to strive to be "a company of globalisation", Ma said.

Alibaba boss Jack Ma no longer believes his retail giant can create 1m U.S. jobs, blaming America's ongoing trade war with China. China responded by imposing tariffs on US$60 billion worth of USA goods.

"This promise was on the basis of friendly China-US cooperation and reasonable bilateral trade relations, but the current situation has already destroyed that basis", Ma said.

Ma made his commitment on January 9, 2017, prior to Trump's inauguration in a meeting at Trump Tower in New York City.

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"It's going to be long-lasting, it's going to be a mess, maybe 20 years", Ma said.

At Alibaba's annual investor event on Tuesday in Hangzhou, Ma warned that the trade friction between the USA and China will be a protracted affair because it is about two countries competing with each other. "There is no way to deliver the promise", he said.

Highlighting that many Chinese- U.S- and even other countries-based businesses will be hit negatively and instantly, he predicts that Chinese enterprises would be forced to relocate to other nations as a short-term measure to circumvent the problem.

"Short term, business communities in China, U.S., Europe will all be in trouble", Ma said at an investor presentation earlier this week.

He added USA tariffs on hundreds of billions of dollars of Chinese products could prompt the country to export elsewhere.

Ma announced this month he would step down as head of the pioneering Chinese e-commerce giant in one year, handing over to CEO and anointed successor Daniel Zhang.

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