Alibaba’s Jack Ma says US-China trade friction could…

As Trade War Escalates Alibaba's Jack Ma Takes Back His Promises

In Xinhua's exclusive interview, Ma was asked if he could deliver on the promise he made in a meeting with US President Donald Trump a year ago.

China hopes the United States will show sincerity and take steps to correct its behavior, its commerce ministry said on Thursday, after both countries slapped new tariffs on each other's goods this week in an escalating trade war. "The situation now has completely destroyed our premise, so it can no longer be completed". "There is no way to deliver the promise", he said.

"On China-U.S. frictions, people should make preparations for the next 20 years", Ma said.

On Monday, Trump announced that the United States would impose 10 per cent tariffs on an additional US$200 billion worth of Chinese products from September 24, with the tariff rate increasing to 25 per cent on January 1 next year unless China makes concessions.

Tensions have escalated this week as China vowed to retaliate against US plans to levy tariffs on about $200 billion in Chinese goods. This article is strictly for informational purposes only.

Jack Ma, though he had not went into detail about how he would add the jobs he promised, wanted to encourage small American businesses to sell on the Alibaba marketplace Tmall and Taobao.

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

'Even if Donald Trump retired, the new president will come, it will still continue.We need new trade rules, we need to upgrade the WTO, ' he said, referring to the World Trade Organization.

At a two-day event bringing together Alibaba's investors, Ma told the Chinese news website Xinhua that the promise "was made on the premise of friendly U.S-China partnership and rational trade relations".

"But trade is not a weapon and should not be used to start wars - it should be the driver for peace", he said. China said it will impose retaliatory tariffs against $60 billion of USA goods, ranging from meat to wheat and textiles.

Manufacturing sector will be completely transformed through the artificial intelligence era, according to Jack Ma, Alibaba Group Holding's executive chairman.

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