Alibaba's Ma says US-China trade friction could last 20yrs

Last year Chinese online sales giant Alibaba said it could create 1 million jobs in the United States. Now chairman Jack Ma says with U.S.-China trade becoming increasingly contentious the promise cannot be fulfilled

China's Alibaba Doubles Down on Chips Amid Cloud Computing Push

Alibaba can no longer meet that promise, Ma told Chinese news agency Xinhua on Wednesday.

In June of previous year, Ma spoke at an Alibaba conference in Detroit aimed at convincing American small businesses that China was a market for them.

Ma made the comments during an interviewwith Xinhua.

"The current situation has already destroyed the original premise", he said.

The promise Ma said was based upon friendly U.S.

At Alibaba's annual investor event on Tuesday in Hangzhou, Ma warned that the trade friction between the USA and China will be a protracted affair because it is about two countries competing with each other. Just over eighteen months down the line, Trump and his protectionist trade practices seem to have ruined these prospects for small businesses, such as farmers and small clothing makers, who could have tapped the Chinese market. This article is strictly for informational purposes only. The Chinese billionaire also promised to create 1 million jobs in the United States.

Citing the ongoing trade war between the U.S. and China, Mr Ma told China's Xinhua news agency: "There is no way to complete the promise".

Lawyer: Ford can testify next week if terms fair
A person familiar with the committee's phone call with Ford said she had told lawmakers she could testify by next Thursday. Panel chairman Chuck Grassley and Senate Majority Leader Mitch McConnell have said Monday would be her chance to testify.

Analysts already had expressed much doubt about Ma's pledge, which was announced by Alibaba after Ma and Trump met in NY at the Trump Tower in January of 2017.

Ma's statements come on the heels of a new round of tariffs from both the US and China.

According to official figures, USA goods and services trade with China totalled an estimated $710.4 billion in 2017 of which United States exports were $187.5 billion and imports were $522.9 billion.

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.

"Trade is not a weapon and can not be used for wars", he added. Analysts have also warned that USA companies selling in China could face nationalist backlash against their products.

Alibaba has established a quantum computing laboratory now proceeding with 81-bit random quantum network simulation, and plans to release standard quantum chips in the next 2-3 years, Zhang was cited as saying.

Latest News