Jack Ma kills 1m US jobs promise, blaming US-China trade war
- Author: Terrell Bush Sep 21, 2018,
Sep 21, 2018, 2:49
He made the comments at the company's investor day conference in Hangzhou on Monday, just a few hours before the Donald Trump administration slapped 10% tariffs on Chinese goods amounting to United States dollars 200 billion, CNNMoney reported.
Alibaba co-founder Jack Ma told the Wolrd Economic Forum in Tianjin on Thursday that people should "mentally prepare" for 20 years of US-China trade wars.
Ma said trade tensions would likely impact Chinese and foreign companies immediately and negatively.
"The promise was made on the premise of friendly US-China partnership and rational trade relations", Ma said.
The Chinese firm said at an event in Hangzhou on Wednesday that the new subsidiary would make customised AI chips and embedded processors to support the firm's push into fast-growing cloud and internet of things (IoT) businesses. "The situation now has completely destroyed our premise, so it can no longer be completed". "But if there is no trade between China, the 1 million jobs will be gone too".
Some analysts and American businesses are now concerned China could resort to other means of retaliation such as pressuring US companies operating in China. "There is no way to deliver the promise", he said. Ma suggested on Tuesday that in the medium term, production and supply chain elements for Chinese business be shifted to other countries rather than the US.
"Business communities in China, the United States and Europe will be all in trouble in the short term".
He announced last week that he will step down within a year and hand the company reins to chief executive Daniel Zhang.