Published: Thu, September 20, 2018
Money | By Armando Alvarado

Jack Ma walks back promise to create 1M USA jobs

Jack Ma walks back promise to create 1M USA jobs

-China trade tensions, Chinese news agency Xinhua reported on Wednesday.

"The current state of affairs has already destroyed the premise the promise was made on", Ma said in an interview on Tuesday. "There is no way to deliver the promise".

Ma and Trump met in January 2017 to discuss how adding small and medium-sized USA businesses to Alibaba's platform would boost employment.

While Ma had not detailed how he would add those jobs, he has said that he wanted to encourage American small businesses to sell on Alibaba marketplace Tmall and Taobao, reasoning that every new business that joined the platform would have to hire a person to manage the extra sales.

As Alibaba grows into new markets, there will always be some sort of new burden they will have to accept. Ma made a call to postpone expansion into the United States, but itis hard to see Alibaba not expanding into the U.S. market at some point in the future.

Previously, Ma promised a large expansion in the United States entirely contingent on trade relations remaining normalized. They have declined 5.7 per cent so far this year, including those gains.

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Ma in April doubled down on his pledge, claiming 10 million jobs could be created "if China and the United States maintain good trade relations".

China responded a day later with tariffs on about $60-billion worth of US goods as planned, but reduced the level of tariffs it will collect on the products.

He made the comments at the company's investor day conference in Hangzhou on Monday, just a few hours before the Donald Trump administration slapped 10% tariffs on Chinese goods amounting to Dollars 200 billion, CNNMoney reported.

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.

"It's going to be long-lasting, it's going to be a mess, maybe 20 years", Ma said. Beijing hit back on Tuesday with levies on $60 billion of U.S. products. "The more frequently I visit places in Europe, South America and Africa, the more confidence I have for these markets".

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