Alibaba Pulling Back on Million US Job Proposal Due to Trade War

Alibaba Pulling Back on Million US Job Proposal Due to Trade War

Alibaba Pulling Back on Million US Job Proposal Due to Trade War

The trade war between the US and China could go on for 20 more years, outlasting Donald Trump's presidency, e-commerce giant Alibaba's founder and billionaire Jack Ma warned Tuesday.

When Jack Ma met president Trump in January 2017, he laid out a five-year vision which would create one million jobs in the United States.

Ma said his commitment relied on friendly cooperation between the usa and China, and on the "rational and objective premise of bilateral trade".

Alibaba chairman Jack Ma said on Tuesday that trade frictions between the United States and China could last for two decades and would be "a mess" for all parties involved, citing weak trade rules. Ma originally said he would leave the position last week, and then seemingly contradicted on-the-record statements to the New York Times a few days later.

China added $60 billion of US products to its import tariff list on Tuesday to hit back at USA duties on $200 billion of Chinese goods that go into effect from September 24.

He said that trade is not a weapon and shouldn't be used for wars.

Donald Trump and Jack Ma met in NY in January 2017.

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But in an interview published late Wednesday by China's official news agency, Xinhua, Ma said the waves of new tariffs imposed by Washington and Beijing in recent months have undermined the plan.

The Alibaba executive's comments come the day after the trade war escalated further.

Chinese firms with factories in the United States would also face higher costs as they ship USA -assembled products back home.

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

China placed tariffs on about $60 billion worth of USA products the next day as previously planned, though it reduced the size of the tariffs.

The tariffs imposed by the U.S. are set to come into effect from September 24 with the 10% level, which will be increased to 25% from next year.

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