Alibaba's Ma: Creating 1 mil. U.S. jobs hard

Angelica Greene
September 21, 2018

Trump also warned China against any retaliation, saying if Beijing retaliated this time, the USA would impose further tariffs on another $267 billion worth of products virtually covering nearly all Chinese exports to the United States totalling about $522.9 billion.

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

Ma is expected to step down as chairman of Alibaba in a year and, with the trade war looming, he has added that the U.S -imposed tariffs will prompt the country to export elsewhere, and mentioned Africa, South East Asia and Europe as the alternatives. -China trade becoming increasingly contentious, the promise can not be fulfilled.

At a major global forum several weeks after his January meeting with Trump, Ma warned against protectionism, not long after two of his companies suffered setbacks at the hands of a US government taking an increasingly hard line on China.

His remarks came just hours after US President Trump's administration slapped a new round of tariffs on Chinese goods worth $200 billion, with Beijing promising to retaliate.

Ma said new trade rules were needed over the long term.

In January 2017, Mr Ma met with US President Donald Trump, outlining a plan to increase Alibaba's presence in America and strengthen relations between the two countries.

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For that reason, Alibaba founder Ma has gained a status of leader in the blockchain industry whose comments are able to affect the markets.

"The current situation has already destroyed the original premise. There is no way to deliver the promise", he said.

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

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

Alibaba and Kenya's Ministry of Tourism and Wildlife will also explore ways Ato combine the local operators' telecommunications network with government-licensed satellites to build the infrastructure to make data transmission less costly and more intelligent, it added.

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

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

Other reports by GizPress

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