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China trade war could last 20 years, says Ma

22 September 2018

Ma had offered the company's e-commerce platform to help US businesses sell products to Asia, with the potential of creating up to 1 million American jobs, during a meeting with US President Donald Trump in New York City in January previous year.

But Mr Ma told Xinhua that his pledge had been made on the basis of continued co-operation and trade growth between the U.S. and China, and would now be hard to fulfil.

On Wednesday Ma told Xinhua, a Chinese news site, "The current situation has already destroyed the original premise".

The founder of Alibaba, (NYSE:BABA) Jack Ma states they are no longer planning on expanding into the United States due to the tension in trade relations between the USA and China.

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While the tech billionaire dismissed speculation that geopolitical headwinds played a part in the surprise announcement of his retirement last week, he acknowledged that the ongoing spat with China's largest trade partner is hurting Alibaba's business.

"Trade is not a weapon and can not be used for wars", he added, in an exclusive with Xinhua news agency.

He said the younger generation and new leadership in Alibaba will go straight ahead toward the goal, even after he steps down.

China has retaliated by raising its own tariffs on US-made products.

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The comment, made in an interview with Chinese media outlet Xinhua, comes two days after Trump announced a fresh set of tariffs on $US200 billion worth of Chinese goods.

On Thursday, Ma said weakness in the economic outlook is "problematic" for the company.

Ma also said that trade should be used as a tool for peace rather than a weapon.

Besides Jack, Alibaba's top executives, including cloud head Simon Hu, technology steering committee chairman Wang Jian and chief technology officer Jeff Zhng would deliver keynotes on breakthroughs and the company's roadmap to develop emerging technologies.

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China e-commerce giant Alibaba has disclosed plans to set up a new semiconductor company to focus on customized AI chips and embedded processors to support Alibaba's growing cloud and IoT businesses, according to media reports from China.

China trade war could last 20 years, says Ma