Alibaba's Jack Ma rules out comeback after he steps down next year
Sep 21 2018
Chinese tech giant Alibaba will no longer bring the 1 million jobs it had promised to the USA because the hostile trade environment created by President Donald Trump and his ongoing tariff conflict with China has made such a plan impossible, the company's co-founder and chairman Jack Ma announced this week.
Ma said Alibaba could create "1 million jobs over the next five years by enabling 1 million American small businesses and farmers to sell usa goods to China and Asian consumers on the Alibaba platform".
"This commitment is based on friendly China-US cooperation and the rational and objective premise of bilateral trade", Ma told China-based new agency Xinhua on Wednesday.
"The current situation has already ruined that". Ma had said he wanted to enable one million small businesses and farmers in America access to sell goods to customers at Alibaba in China and throughout Asia.
But yesterday he said: "The trade in the world really needs to be perfected, but trade is not a weapon, it can not be used for war, it should be a propeller for peace". "This thing will last long".
Trump imposed 10 percent tariffs on $200 billion worth of Chinese imports on Monday, threatening to place taxes on an additional $267 billion worth of Chinese imports if China attempts to retaliate.
He said new trade rules are desperately needed over the long-term.
"Short term, business communities in China, U.S., Europe will all be in trouble", Ma said on Tuesday, during a speech at Alibaba's investor day in Hangzhou. Beijing hit back on Tuesday with levies on $60 billion of U.S. products.
Some analysts and American businesses are now concerned China could resort to other means of retaliation such as pressuring US companies operating in China.
Under that succession plan, Zhang will be promoted to executive chairman on September 10 next year, while Ma will remain a director on Alibaba's board and a permanent member of the Alibaba Partnership, according to a letter to all staff including the South China Morning Post, which is wholly owned by the New York-traded company.