The co-founder and executive chair of Alibaba Group Holding Ltd. (BABA), Jack Ma, has issued a dire warning to the leaders of the countries at odds with each other over trade tensions, stating that the current trade frictions between America and China might persist for two decades. According to Reuters, he said it would be “a disaster” for all parties concerned and would likely last “maybe 20 years” due to poor trade laws. (Also see Jack Ma’s Success Story.)
Ma stated his concerns during the Alibaba investor conference in Hangzhou, just after the Trump administration imposed tariffs on an additional $200 billion in Chinese imports, and China announced retaliatory measures on U.S. goods.
Global Business Outlook Looks Dim in Short-to-Medium Term
He expects that many Chinese-based firms in the United States and other countries would be badly and immediately impacted, and that Chinese corporations will be compelled to migrate to other countries as a short-term solution to the issue. Long-term, Ma stated the need for “new trade regulations.” According to CNNMoney, he also said that the continuing trade conflict with China’s major trading partner is affecting Alibaba’s operations. (For more more, read Alibaba Faces More Drops as Trade War Heats Up.)
Ma feels that a change in leadership may not be enough to remedy the situation. “Even if Donald Trump retires, a new president will be elected, and the cycle will continue… “We need new trade laws, and we need to improve the WTO,” he stated of the World Trade Organization.
Ma said that the trade war begun by the United States is “against China,” and he also criticized his country’s policies, urging officials to open up the market and take the crisis as a chance to improve. “China needs to expand its market,” he continued. (For much information, see Why Alibaba’s Stock Can Soar 44% Despite a Trade War.)
“We should not be concerned about this quarter’s, next quarter’s, or future year’s earnings.” “This is a fantastic opportunity,” he remarked. “If Alibaba cannot endure and expand, no Chinese enterprise can flourish.” That is something I am very certain of.”
During his meeting with President Trump last year, the Chinese innovator vowed to create 1 million jobs in the United States by 2021.
The billionaire has announced his retirement in a year and will hand over the keys of the firm to CEO Daniel Zhang. (For additional more, read Alibaba’s Jack Ma to Retire in a Year.)
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