Following the Trump administration’s imposition of a new round of tariffs on Chinese goods, China’s king of e-commerce didn’t mince words about how he sees this trade fight.
“It’s going to last a long time, maybe 20 years. It’s going to be a mess. It’s not a trade war, it’s about competition between two countries,” Alibaba’s soon-to-be-retired chairman, Jack Ma, said on Tuesday, according to The Financial Times.
“You may win the battle, but you lose the war,” Ma added, speaking at Alibaba’s investor day event in Hangzhou, per Reuters.
“Middle term, a lot of Chinese business will move to other countries,” he warned.
Borrowing a common refrain of the Trump administration, Ma also suggested the World Trade Organization could use an overhaul.
“Even if Donald Trump retired, the new president will come, it will still continue…We need new trade rules, we need to upgrade the WTO.”
“Short term, business communities in China, US, Europe will all be in trouble,” Ma said at the event, as quoted by Bloomberg, adding: “If you want a short-term solution, there is no solution.”