Tech tycoon Jack Ma advised traders to hunker down for a drawn out commerce conflict between the US and China.
“It will final lengthy, it will be a large number,” Ma, the founder and govt chairman of Alibaba (, mentioned Tuesday. )
The US-China commerce conflict 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 traders, simply hours after the Trump administration slapped a new round of tariffs on Chinese goods worth $200 billion.
Whereas the tech billionaire dismissed hypothesis that geopolitical headwinds performed a component in the surprise announcement of his retirement last week, he acknowledged that the continued spat with China’s largest commerce associate is hurting Alibaba’s enterprise.
Shares in Alibaba closed 3.5% decrease on Monday. The corporate’s inventory is down 25% from its all-time excessive in June.
Ma mentioned a number of companies in China and the US can be in hassle within the brief time period, and finally, Chinese language corporations can be compelled to show to different international locations.
Ma mentioned the commerce conflict 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 traders that the $410 billion firm he helped construct is in protected fingers. He introduced final week that he’ll step down from Alibaba in a 12 months’s time, handing over the reins to CEO Daniel Zhang.
“I am 100% certain Daniel will do a greater job than I do,” Ma mentioned.
The 54-year-old former teacher repeated his need to pursue a brand new profession, doubtless within the discipline of training.
“I am not unhappy in any respect. I believe I am nonetheless younger,” he mentioned. “In Alibaba I am previous, however in my profession I am nonetheless younger.”
CNNMoney (Hong Kong) First printed September 18, 2018: 6:34 AM ET