Jack Ma warns that trade war will drag on for decades

Chinese e-commerce giant Alibaba Group Holding no longer plans to create 1 million jobs in the United States amid the intensified trade war between China and the USA, according to company co-founder and executive chairman Jack Ma Yun.

The billionaire owner of China´s largest online shopping portal made the headline-grabbing promise to Donald Trump past year, as Beijing courted the then-newly elected president.

Ma said trade tensions would likely impact Chinese and foreign companies immediately and negatively. "If China and the United States maintain good economic and trade relations, there will be no problem at all in providing the United States with 1 million jobs or even 10 million jobs", Ma said.

"But we will continue to work hard to promote the healthy development of China-US trade".

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

In April, Mr Ma doubled down on his pledge, claiming 10 million jobs could be created "if China and the United States maintain good trade relations".


But the trade dispute between the world´s top two economies has swiftly escalated since Trump took office, with a series of tit-for-tat tariffs brought on billions of dollars´ worth of goods by both countries. He also acknowledged that the ongoing trade war with China's largest trade partner is hurting Alibaba's business, according to CNNMoney.

Ma, who recently announced his departure as the chairman of the Chinese retail giant next year, slammed Trump's policies just two days after Washington announced a 10 percent tariff on another $200 billion worth of Chinese goods.

"Alibaba will last 102 years, and no one can be a 102-year CEO", Ma said, according to Chinese financial blog Sina.

Ma, the charismatic co-founder of Alibaba, announced last week that he would step down in one year to concentrate on philanthropy and education, passing on the reins to trusted lieutenant Daniel Zhang. When commenting about his coming retirement, he said it's not a "sudden decision" and he has been prepared for it for more than 10 years.

He has expressed a desire to follow in the philanthropic footsteps of Microsoft founder Bill Gates.

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