Alibaba Chairman Jack Ma has stated that the trade war between China and the United States could last as long as 20 years and it would be ‘a mess’ for all the parties involved, citing weak trade rules.
Speaking at an Alibaba investor conference in Hangzhou, Ma said it would impose duties on an extra $200 billion worth of Chinese imports, drawing a warning from Beijing that it would retaliate, reports Reuters.
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Adding to the current trade tensions, Ma also predicted that Chinese businesses would move production to other countries in the medium-term to get around the tariffs. “Middle term, a lot of Chinese business will move to other countries,” Ma said.
Further, referring to the World Trade Organization, Ma said “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.”
Alibaba Chairman made the comments in what he states was his last speech to shareholders as chairman of the Chinese internet giant. Last week, Ma announced to step down within a year and hand the company to the Chief Executive, Daniel Zhang.
Earlier in 2017, Ma met with US President Donald Trump where he promised to create 1 million US jobs linked to small merchants selling items on Alibaba platforms. Trade relations, however, have since deteriorated between China and the US in a tit-for-tat escalation in tariffs.