In a recent speech at a conference in Shanghai hosted by the Chinese Government, Jack Ma called the Trade War between the US and China a ‘stupid thing.’
In September, the Co-founder and executive chairman of Alibaba (BABA) have blamed the trade war for sabotaging his plans to create I million US jobs as he promised upon Trumps Inauguration as president.
Both economic giants have been involved in a trade war for the better part of this year. The US government started the war over what it calls an unfair state of the trade deficit in goods traded between both carries of over $375 billion. It also accuses China of stealing American intellectual property and forcing US firms to handover valuable tech.
Ma decried the rise of protectionism as being misguided and instead said international trade should be to promote peace and communication.
‘Nobody can stop the free trade,’ he said.
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The Chinese president Xi Jinping had earlier remarked on the US position on the International trade being promoted by Trump, as a zero-sum game. The conference, the China International Import Expo, was organized by the Chinese government to promote the country as a market for imports from other countries.
Investors are hopeful that when Trump and Xi meet in the G20 summit in Argentina later this month, the tensions may ease between both nations.
Ma has warned the trade war may last years. He also acknowledged that it’s hurting Alibaba’s business, which benefits from the free flow of goods across borders.
Ma has said the trade war is hurting his capacity to make good on the 1 million US job promise he made to Donald Trump to benefit small American businesses.
‘This promise was on the basis of friendly China-US cooperation and reasonable bilateral trade relations, but the current situation has already destroyed that basis,’ Ma told China’s official news agency Xinhua. ‘This promise can’t be completed.’