Sunday, 21 October, 2018

Alibaba says US-China trade war ends US jobs promise

Nellie Chapman | 20 September, 2018, 11:52

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The new round of tariffs by Beijing will affect over 5,000 United States goods, ranging from meat, chemicals, nuts, alcoholic drinks, clothes, machinery, furniture and automobile parts, in a move that would further escalate the trade war between the world's largest two economies.

HONG KONG: Alibaba founder Jack Ma said his ambitious pledge to create one million jobs in the usa had been scuppered by the trade row between Beijing and Washington, Chinese state news reported Thursday.

"This promise was on the basis of friendly China-US cooperation and reasonable bilateral trade relations, but the current situation has already destroyed that basis", Ma said.

"But we will continue to work hard to promote the healthy development of China-US trade". Instead, Ma talked about stimulating trade by helping American small businesses sell their products to consumers in China and elsewhere in Asia.

But the dispute between the world's top two economies has swiftly escalated since Trump took office, with a series of tit-for-tat tariffs imposed on billions of dollars' worth of goods by both countries.

Tensions have escalated this week as China vowed to retaliate against USA plans to levy tariffs on about $200 billion (RM828 billion) in Chinese goods.

"There are still many things that Chinese companies should and can do".

"Trade is not a weapon and can not be used for wars", he added.

Alibaba Group co-founder and executive chairman Jack Ma attends the WAIC (World Artificial Intelligence Conference) in Shanghai, China, September 17, 2018. "Trade should be the propeller of peace".

He announced last week that he will step down from Alibaba in a year's time, handing over the reins to CEO Daniel Zhang.

Ma was profiled by Bloomberg earlier this month, and said he wanted to follow the playbook of the billionaire and philanthropist Bill Gates after retirement.

"I´m just 54, and I still have at least 16 years to do something new", Ma told Xinhua. 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.