China Trade Friction May Last 20 Years: Jack Ma

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-China trade tensions, Chinese news agency Xinhua reported on Wednesday.

Ma had offered the company's e-commerce platform to help US businesses sell products to Asia, with the potential of creating up to 1 million American jobs, during a meeting with US President Donald Trump in New York City in January previous year.

"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. "There is no way to deliver the promise".

While Ma had not detailed how he would add those jobs, he has said that he wanted to encourage American small businesses to sell on Alibaba marketplace Tmall and Taobao, reasoning that every new business that joined the platform would have to hire a person to manage the extra sales.

The vague promise wasn't based on Alibaba investing in the United States to build factories or fulfillment centers.

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Ma said that the US -initiated trade war is "against China", and also disapproved his country's policies requesting the leaders to open up the market and seize the situation as an opportunity to upgrade. They have declined 5.7 per cent so far this year, including those gains.

On Tuesday, he cautioned China's business and political leaders to prepare for the conflict to last 20 years, beyond the Trump presidency, as the two countries battle for economic supremacy.

Ma, expected to step down as Alibaba chairman in a year, predicted on Tuesday that trade frictions would lead to "a mess" for all parties involved.

China placed tariffs on about $60 billion worth of USA products the next day as previously planned, though it reduced the size of the tariffs.

This week, Mr Trump said he would press ahead with 10 per cent levies on US$200 billion (S$273 billion) of imports - on top of US$50 billion already targeted - prompting Beijing to target another US$60 billion of U.S. goods with 5 to 10 per cent taxes. On Tuesday, Beijing came back with tariffs on another $US60 billion worth of United States goods. "The more frequently I visit places in Europe, South America and Africa, the more confidence I have for these markets".