Tech tycoon Jack Ma advised buyers to hunker down for a drawn out commerce struggle between america and China.
“It’ll final lengthy, it is going to be mess,” Ma, the founder and govt chairman of Alibaba (, mentioned Tuesday. )
The US-China commerce struggle will final not for 20 months or 20 days, however “possibly 20 years,” he mentioned.
That may imply no easing of tensions between the world’s high two economies for a few years after President Donald Trump has left workplace, even when he serves a second time period.
Ma made the remarks at an annual convention for Alibaba buyers, simply hours after the Trump administration slapped a brand new spherical of tariffs on Chinese language items value $200 billion.
Whereas the tech billionaire dismissed hypothesis that geopolitical headwinds performed a component within the shock announcement of his retirement final week, he acknowledged that the continuing spat with China’s largest commerce associate is hurting Alibaba’s enterprise.
Shares in Alibaba closed three.5% decrease on Monday. The corporate’s inventory is down 25% from its all-time excessive in June.
Ma mentioned numerous companies in China and america will probably be in bother within the brief time period, and ultimately, Chinese language corporations will probably be compelled to show to different international locations.
Ma mentioned the commerce struggle is “towards China,” but in addition criticized his nation’s insurance policies, urging leaders to view the ache inflicted by Trump’s tariffs as a chance to “improve.”
“China should open the market,” he added.
Ma additionally took the chance to reassure buyers that the $410 billion firm he helped construct is in secure palms. He introduced final week that he’ll step down from Alibaba in a yr’s time, handing over the reins to CEO Daniel Zhang.
“I am 100% positive Daniel will do a greater job than I do,” Ma mentioned.
The 54-year-old former instructor repeated his want to pursue a brand new profession, seemingly within the area of schooling.
“I am not unhappy in any respect. I feel I am nonetheless younger,” he mentioned. “In Alibaba I am outdated, however in my profession I am nonetheless younger.”
CNNMoney (Hong Kong) First revealed September 18, 2018: 6:34 AM ET