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Jack Ma kills 1m US jobs promise, blaming US-China trade war

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Alibaba co-founder Jack Ma told the Wolrd Economic Forum in Tianjin on Thursday that people should "mentally prepare" for 20 years of US-China trade wars.

"However, the previous basis for trade has been undermined", he said in an interview on Tuesday. "Even if Donald Trump retired, the new president will come, it will still continue.We need new trade rules, we need to upgrade the WTO", he said, referring to the World Trade Organization.

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.

Alibaba Chairman Jack Ma said the China-based e-commerce giant no longer plans to create one million jobs in the United States, blaming the US-China trade conflict, according to a report.

"It can't be used for war, it should be used to bring about peace", he said.

Ma said his commitment relied on friendly cooperation between the USA and China, and on the "rational and objective premise of bilateral trade".

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"The current situation has already ruined that".

At Alibaba's annual investor event on Tuesday in Hangzhou, Ma warned that the trade friction between the United States and China will be a protracted affair because it is about two countries competing with each other. "There is no way to deliver the promise".

Investors seemed unfazed by Ma's comments, with Alibaba shares closing up 3.8 per cent on Wednesday.

Instead of helping American small businesses reach Chinese consumers, one of the richest men in China said Alibaba will seek business opportunities elsewhere, mainly in Russia, Europe, South America, and Africa. China said it will impose retaliatory tariffs against $60 billion of U.S. goods, ranging from meat to wheat and textiles.

"Middle term, a lot of Chinese business will move to other countries", he added.

The tariffs imposed by the USA are set to come into effect from September 24 with the 10% level, which will be increased to 25% from next year.

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