Billionaire Alibaba’s Jack Ma making a forceful jabs on his remarks at the Alibaba’s investment conference, commented that short term business communities in U.S., China, and Europe all of them will be in trouble. He further commented that this situation will last long, and if one is seeing a short term solution there isn’t any. After Washington told that on the Chinese imports it would impose duties on an extra amount of worth $200 billion, drawing a warning from the Beijing that it would hit back. Ma even stated that this trade tension could have an impact on the Chinese and foreign companies instantly and negatively. He had envisioned that the Chinese business would shift production to other countries in the mid-term to get across the tariffs. It’s at the shareholder event in the Hangzhou Ma stated that one may win the battle, but they lose the war. He further added that a lot of Chinese business in the middle-term will be moving to other countries. He also told that new trade rules were required from a long-term.
Richest man of the China told that this dispute could last for 20 years and carry on over the presidency reign of Donald Trump, as the two strongest economic powers of the world battle against global supremacy. China requires to strengthens its economy to go through with the conflict and move trade relations from the United States to other regions like; Africa and South East Asia, as stated during a speech at the investor conference, by the chairman of the Alibaba Holding Group Limited. Last week Ma announced that he will be stepping down within a year and hand over the company reins to the chief executive Daniel Zhang.
Last year in a high profile meeting, Ma met with the U.S. President; Donald Trump where he gave words to create almost 1 million U.S. jobs hooked with small merchants rolling out items on the platform of Alibaba. In a tit-for-tat hike trade relations have since slumped between the U.S. and China.