China's Alibaba doubles down on chips amid cloud computing push

20 September, 2018, 11:55 | Author: Billie Castillo
  • Jack Ma chairman of Alibaba Group Holding was introduced to the internet in 1995 thanks to a friend in Seattle

Alibaba founder Jack Ma said his ambitious pledge to create 1 million jobs in the United States had been scuppered by the trade row between Beijing and Washington, Chinese state news reported Thursday.

In April Ma doubled down on his pledge, claiming 10 million jobs could be created "if China and the USA maintain good trade relations". Jack Ma, has said that the ongoing trade frictions between America and China could last for two decades.

Saying that there is no short term solution to the tariff war between the world's biggest two economies, Ma made a grim forecast and said business communities in China, the U.S., Europe will all be in trouble if the war continues.

"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.

Ma originally pledged to spur job growth by letting American small businesses and farmers sell their goods on Alibaba, which is one of the world's largest online retailers, when he visited then-President-elect Donald Trump early 2017.

Ma's latest comments come on top of others he recently made about the escalating trade skirmish and show his support for Beijing's stance on how additional tariffs will affect businesses and the country's cornerstone One Belt One Road foreign policy initiative.

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Ma expressed his thoughts while speaking at the Alibaba investor conference in Hangzhou shortly after the Trump-led USA administration announced impositions of duty tariffs on an extra $200 billion worth of Chinese imports and China announcing retaliatory measures on import of us products.

China retaliated by announcing about $60 billion worth of US goods on Tuesday.

He added USA tariffs on hundreds of billions of dollars of Chinese products could prompt the country to export elsewhere.

"However, the previous basis for trade has been undermined", he said in an interview on Tuesday.

Ma, the charismatic co-founder of Alibaba, announced last week that he would step down in one year to concentrate on philanthropy and education, passing on the reins to trusted lieutenant Daniel Zhang.

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