Alibaba’s Jack Ma says US-China tariff war could last 2 decades

Alibaba’s Jack Ma says US-China tariff war could last 2 decades

"Even if Donald Trump retired, the new president will come, it will still continue.We need new trade rules, we need to upgrade the WTO", he said, referring to the World Trade Organization.

Alibaba founder Jack Ma said his ambitious pledge to create one million jobs in the United States had been scuppered by the trade row between Beijing and Washington, Chinese state news reported on Thursday (Sept 20). "Business communities in China, the U.S. and Europe will be all in trouble in the short term".

"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.

For years, Ma has been pushing his vision of usa small businesses selling to Chinese shoppers through his online marketplaces, but many experts have criticized his plan.

"You may win the battle, but you lose the war", Ma added, speaking at Alibaba's investor day event in Hangzhou, per Reuters.

This week Trump said he would press ahead with 10% levies on US$200 billion of imports - on top of $50 billion already targeted - prompting Beijing to target another $60 billion of USA goods with five to 10 percent taxes.

Alibaba Group co-founder and executive chairman Jack Ma attends the WAIC (World Artificial Intelligence Conference) in Shanghai, China, September 17, 2018.

China responded a day later with tariffs on about $60 billion worth of usa goods as previously planned, but reduced the level of tariffs that it will collect on the products.

Ma, expected to step down as Alibaba chairman in a year, predicted on Tuesday that trade frictions would lead to "a mess" for all parties involved.

"Middle term, a lot of Chinese business will move to other countries", he warned.

Some experts said Ma's plan to bring 1 million jobs to the US might have been overly ambitious in the first place.

Mr Ma pointed to business opportunities in other regions such as Europe, South America, Russia and Africa, Xinhua 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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