In trade war fray, Jack Ma nixes pledge to create United States jobs

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Alibaba BABA.N Chairman Jack Ma said the company can no longer meet its promise to create 1 million jobs in the United States due to US-China trade tensions, Chinese news agency Xinhua reported on Wednesday.

The Chinese icon of innovation had promised creating around 1 million jobs in the USA through the year 2021 during his meeting with president Trump last year.

But Mr Ma told Xinhua that his pledge had been made on the basis of continued co-operation and trade growth between the U.S. and China, and would now be hard to fulfil.

"[The] current situation has already destroyed the original premise", Ma said.

In an interview with Chinese state media Mr Ma said that the spiralling tariff dispute between the White House and...

Trump on Monday imposed 10 percent tariffs on about $200 billion worth of imports from China, and threatened duties on about $267 billion more if China retaliated against the USA action.

"The economic outlook is not ideal of course, and it will last longer than people expect", Ma said at the World Economic Forum in Tianjin.

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Ma also said that trade should be used as a tool for peace rather than a weapon. It's not a trade war.

"You may win the battle, but you lose the war", Ma said at the shareholder event in Hangzhou. Ma expressed need for "new trade rules" over the long-term.

"Business communities in China, the U.S. and Europe will be all in trouble in the short term".

Tensions have escalated this week as China vowed to retaliate against U.S. plans to levy tariffs on about $200 billion in Chinese goods.

Ma said that the US -initiated trade war is "against China", and also disapproved his country's policies requesting the leaders to open up the market and seize the situation as an opportunity to upgrade.

Last week, Ma announced he would be retiring from the executive chairman position of Alibaba within the next year, and has been planning on leaving for quite some time.

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