Alibaba's Jack Ma rules out comeback after he steps down next year
- Author: Latoya Cobb Sep 21, 2018,
Sep 21, 2018, 2:53
Jack Ma, Alibaba co-founder and chairman, said then that China needed to control its "core technology" like chips to avoid over-reliance on usa imports, something which has been put in the spotlight by whipsawing trade tensions.
Ma had told Trump during a meeting in January 2017 that Alibaba, one of the world's largest and most valuable companies, planned to create a million jobs in the us within five years by getting American small businesses to sell on its platforms.
"The promise was made on the premise of friendly US-China partnership and rational trade relations", Ma said.
Alibaba chairman Jack Ma said that the US-China trade war will wreck the company's pledge to help create 1 million US jobs.
He said that trade is not a weapon and shouldn't be used for wars.
On Monday, Trump announced that the USA 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.
Ma made his commitment on January 9, 2017, prior to Trump's inauguration in a meeting at Trump Tower in New York City.
One million jobs would be close to one percent of all jobs in the United States - meaning that successfully delivering would make Alibaba one of the country's largest private employers.
On Thursday, Ma said weakness in the economic outlook is "problematic" for the company.
Chinese firms with factories in the United States would also face higher costs as they ship USA -assembled products back home.
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.
"Short term, business communities in China, U.S., Europe will all be in trouble", Ma said at an investor presentation earlier this week.
Last week, Ma announced he would be retiring from the executive chairman position of Alibaba within the next year, and has been planning on leaving for quite some time.