As Trade War Escalates, Alibaba's Jack Ma Takes Back His Promises

China's Alibaba Doubles Down on Chips Amid Cloud Computing Push

China's state-run Xinhua News Agency reported the words of the chief of the Chinese e-commerce giant. At the time, Ma promised to create 1 million jobs in the USA over five years by helping small businesses sell farm produce and garments to China and Southeast Asia through Alibaba's e-commerce platforms.

Speaking to Chinese publication Xinhua, Ma said his promise to create the jobs was made under the assumption that the United States and China would continue to have a friendly partnership and "rational trade relations".

Given China's counter-tariffs and the push for Chinese firms to find alternative, non-US sources for goods, the already optimistic pledge would be even more unlikely in the current environment.

"That premise no longer exists today, so our promise can not be fulfilled", he said.

Tech tycoon Jack Ma has told investors to hunker down for a drawn out trade war between the USA and China that can last for upto 20 years.

Tensions have escalated this week as China vowed to retaliate against US plans to levy tariffs on about $200 billion in Chinese goods. This article is strictly for informational purposes only.

Taiwan police arrest Cody Wilson, gun rights activist wanted in U.S.
Wilson runs Defense Distributed, a company that deals in software and hardware to facilitate home weapon printing and machining. Wilson met the girl through the website SugarDaddyMeet.com, where she had created an online profile, according to the document.

Sac State Grad Ryan Coogler To Produce LeBron James’ ‘Space Jam 2’
He wants Coogler to bring that same energy to this project. If you read the numbers in order, they read 1/23/2021. The movie marks James' first major acting role.

Maroon 5 to play Super Bowl LIII halftime show
US Weekly broke the news earlier Wednesday, reporting the band was asked to play and had " pretty much accepted ". Maroon 5 have been steadily and cranking out hits since 2002, so they'll have no shortage of material to perform.

Ma also pointed out that trade tensions would likely impact Chinese and foreign companies immediately and negatively.

China said it will impose retaliatory tariffs against $60 billion of US goods, ranging from meat to wheat and textiles.

"Short term, business communities in China, US, Europe will all be in trouble", Ma said. "We need new trade rules, we need to upgrade the WTO", he said.

He did not directly reply to questions asking if there will be a fresh round of trade talks between Beijing and Washington, which had appeared to be in the works prior to the latest tit-for-tat tariffs. Earlier this month, Ma had announced that he will hand over the company Chairman's post to Daniel Zhang, who's now the CEO of the company.

He added that the trade war will last not for 20 months or 20 days, but "maybe 20 years".

Ma's comments also followed his surprise announcement - on his 54th birthday last Monday - about retiring next year.

Related news:

Hot News

isis-killer-beheading-video-story-top Rod Rosenstein denies he proposed secretly recording Donald Trump
Sep 22, 2018 - 01:11
The move will nearly certainly reopen President Donald Trump's considerations into firing him. Comey by writing a memo critical of his handling of the Hillary Clinton email investigation".

isis-killer-beheading-video-story-top Man accused of golfer's murder lived in Coon Rapids
Sep 22, 2018 - 00:56
The sports world is paying tribute to Celia Barquin Arozamena, the Iowa State golfer who was found murdered on Monday. Huff said no one else had been charged, but that the investigation was ongoing. "It's an bad thing that's happened".

isis-killer-beheading-video-story-top Andrew Wiggins fires back at shade from former National Basketball Association star
Sep 21, 2018 - 02:14
So despite his request for a trade, it seems likely Butler will remain in Minnesota - and likely will for some time to come. At this point, they could try to shop the lotto pick alongside Danilo Gallinari in order to free themselves more cap space.

isis-killer-beheading-video-story-top After The Rains, Casualties Mount Amid Florence's Still-Rising Floodwaters
Sep 21, 2018 - 02:06
McMaster has requested federal disaster-recovery funds be made available for 23 of South Carolina's 46 counties. "That's not good. Florence "ravaged" the Carolinas, leaving thousands of people without power and forced to evacuate areas in both states.

isis-killer-beheading-video-story-top GOP pushing forward for Kavanaugh, accuser wants 'fairness'
Sep 21, 2018 - 02:04
Two others have said they have no recollection of any incident like the one described by Ford. "I'd really want to see her". Patty Murray saying Thursday that Republicans should be "ashamed" for pushing forward without a fair investigation .

isis-killer-beheading-video-story-top Google Takes On Amazon, Lenovo In Smart Display Space
Sep 21, 2018 - 02:03
The market researcher says about 12 million smart speakers like the Amazon Echo shipped in the April through June period. Set to cost $49.99, the device is specially designed for use in automobiles which are typically louder than your home.

isis-killer-beheading-video-story-top Trump Hints of More Declassifications in Russia Probe
Sep 21, 2018 - 01:24
Democrats say that Trump and his allies are politicising a law enforcement investigation in order to protect the White House . About 30 members of Congress of both parties have had access to FISA applications related to the investigation.

isis-killer-beheading-video-story-top Middleton Police Respond To Reports of Active Shooter
Sep 20, 2018 - 01:28
Middleton Police announced an active shooter at WTS Paradigm, a software company located off University Ave., in the late morning. The extent of the injuries weren't immediately known, but those wounded had been transported to a hospital.

isis-killer-beheading-video-story-top Sprint to introduce new iPhones, plus Watch Series 4
Sep 20, 2018 - 01:26
The iPhone XS Max is a significant enough upgrade over the iPhone X if the larger screen is something you are interested in. Apple also debuted the "affordable" iPhone XR , which starts at $749 and sports a 6.1-inch "liquid retina" display.

isis-killer-beheading-video-story-top Amazon's new Alexa Gadgets Toolkit lets Alexa have some toy-friendly fun
Sep 20, 2018 - 01:12
Amazon is expected to announce these devices later this month, so stay tuned to TNW to find out what the company has in store. Earlier this year, Amazon acquired the smart doorbell maker Ring, which also makes devices that are compatible with Alexa .

isis-killer-beheading-video-story-top Gender war politics grip Senate over Kavanaugh accusation
Sep 20, 2018 - 01:12
Orrin Hatch told CNN on Monday he believed Ford must be "mistaken" and that Kavanaugh told the senator he wasn't at the party. Ford's lawyers said on Tuesday she would not appear before the Senate until after the FBI investigates the allegations.

isis-killer-beheading-video-story-top Trump orders public release of Russian Federation documents
Sep 19, 2018 - 01:02
About 30 members of Congress of both parties have had access to FISA applications related to the investigation. Trump "cares about nothing about the country and everything about his narrow self-interest", Schiff added.

isis-killer-beheading-video-story-top Centre merges Bank of Baroda, Vijaya Bank, Dena Bank
Sep 19, 2018 - 00:59
In contrast, Dena Bank - the weakest of the lot - made huge gains in early trade and was up nearly 20 per cent at Rs 19.05. The Public Sector Banks will chalk out final contours and seek approval for the process from Group of Ministers.

isis-killer-beheading-video-story-top Imran Khan is a Pakistan Army’s puppet, says VK Singh
Sep 19, 2018 - 00:47
While the two sides have not played a bilateral series since 2013, they have met numerous times in multi-nation tournaments. Stating that there is a need for continued and uninterrupted dialogue with India, he said, "We are neighbours".

isis-killer-beheading-video-story-top Vontae Davis: Buffalo Bills cornerback retires at half-time of National Football League match
Sep 19, 2018 - 00:43
Retired Buffalo Bills center and three-time captain Eric Wood writes a weekly column for The Athletic during the 2018 season. The 30-year-old, a first-round pick in 2009 by the Dolphins, would finish his career after 113 games and 22 interceptions.