Jack Ma walks back promise to create 1M United States jobs

Jack Ma chairman of Alibaba Group Holding was introduced to the internet in 1995 thanks to a friend in Seattle

Jack Ma chairman of Alibaba Group Holding was introduced to the internet in 1995 thanks to a friend in Seattle

Alibaba Chairman Jack Ma said the company can no longer meet its promise to create 1 million jobs in the United States due to U.S.

Ma and Trump met in January 2017 to discuss how adding small and medium-sized USA businesses to Alibaba's platform would boost employment. "The current situation has already destroyed the original premise".

Following the Trump administration's imposition of a new round of tariffs on Chinese goods, China's king of e-commerce didn't mince words about how he sees this trade fight. "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.

Ma, a former teacher who has become China's richest man, said that he would continue "working hard to contribute to the healthy development of China-US trade". They have declined 5.7 per cent so far this year, including those gains.

Highlighting that many Chinese- U.S- and even other countries-based businesses will be hit negatively and instantly, he predicts that Chinese enterprises would be forced to relocate to other nations as a short-term measure to circumvent the problem.

Ma's remarks come a day after U.S. President Donald Trump announced his decision to impose additional tariffs on $200 billion more in Chinese goods starting next week.

China retaliated by announcing about $60 billion worth of USA goods on Tuesday.

Ma said that the USA -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.

Ma, expected to step down as Alibaba chairman in a year, predicted on Tuesday that trade frictions would lead to "a mess" for all parties involved.

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.

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