China's Ma reverses US job plan due to trade war

The trade war between the US and China could go on for 20 more years, outlasting Donald Trump's presidency, e-commerce giant Alibaba's founder and billionaire Jack Ma warned Tuesday.

The Alibaba (BABA) chief grabbed attention at the start of a year ago when he made the ambitious jobs pledge following a meeting with Donald Trump, who was president elect at the time.

"There is no way to fulfill the promise, but we will not stop our hard work to promote the healthy development of China-US trade".

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.

"It's going to last long, it's going to be a mess", the tech tycoon said Tuesday at an annual investor conference in Hangzhou, China.

Jack Ma had said a lot of businesses in China and the United States will be in trouble in the short term.

But the trade dispute between the world´s top two economies has swiftly escalated since Trump took office, with a series of tit-for-tat tariffs brought on billions of dollars´ worth of goods by both countries.

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The US and China trade war could last 20 years, Alibaba founder Jack Ma said.

Mr Ma pointed to business opportunities in other regions such as Europe, South America, Russia and Africa, Xinhua said.

"Trade is not a weapon and can not be used for wars", he added.

The Chinese firm said the new subsidiary would make customised AI chips and embedded processors to support the firm's push into fast growing cloud and internet of things (IoT) businesses.

Mr Ma announced this month that he would step down as head of the pioneering Chinese e-commerce giant in one year, handing over to Alibaba chief executive officer and anointed successor Daniel Zhang. When commenting about his coming retirement, he said it's not a "sudden decision" and he has been prepared for it for more than 10 years.

He has expressed a desire to follow in the philanthropic footsteps of Microsoft founder Bill Gates.

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