Alibaba´s Ma says 1m USA jobs pledge thwarted by trade row

Sean Gallup  Getty Images

Jack Ma has reneged on a promise to create one million American jobs, citing a breakdown in US-China relations.

The Alibaba (BABA) chief grabbed attention at the start of past year when he made the ambitious jobs pledge following a meeting with Donald Trump, who was president elect at the time.

While promising to "promote the healthy development" of Sino-US trade, the 54-year-old entrepreneur noted that the "previous basis for trade has been undermined", amid ongoing trade conflict between the world's two largest economies.

One million jobs would be close to 1% of all jobs in the U.S. - meaning that successfully delivering would make Alibaba one of the country's largest private employers. Ma suggested on Tuesday that in the medium term, production and supply chain elements for Chinese business be shifted to other countries rather than the US.

Ma's bold promise following his January 2017 meeting at Trump Tower was greeted with scepticism by analysts at the time, who said the move was more about good PR than substance.

He added US tariffs on hundreds of billions of dollars of Chinese products could prompt the country to export elsewhere.

Trump on Monday imposed 10 percent tariffs on about $200 billion worth of imports from China, and threatened duties on about $267 billion more if China retaliated against the U.S. action.

More news: LeBron James, Ryan Coogler to team up for 'Space Jam' sequel

"We should work more in Africa, SEA (South East Asia), Europe", he said.

Alibaba bought a Chinese microchip maker Hangzhou C-SKY Microsystems to help bolster its cloud-based "internet of things" (IoT) business.

"Trade is not a weapon and can not be used for wars", he added.

Ma said the trade war is "against China" but also criticised his country's policies, urging leaders to view the pain inflicted by Trump's tariffs as an opportunity to 'upgrade.' 'China must open the market, ' he added.

"I'm 100% sure Daniel will do a better job than I do", Ma said.

Ma was profiled by Bloomberg earlier this month, and said he wanted to follow the playbook of the billionaire and philanthropist Bill Gates after retirement.

Related News:

  • Russia Summons Israeli Envoy after Plane Downed in Syria

    Russia Summons Israeli Envoy after Plane Downed in Syria

    The analyst went on to assert that the shoot down incident would likely serve to enhance Russian-Israeli coordination in Syria. Moscow would beef up security for Russian military personnel in Syria as a priority response, Putin said.
    Coca-Cola May Start Making Cannabis Beverages

    Coca-Cola May Start Making Cannabis Beverages

    The Coca-Cola Company is said to be "closely watching" the expanding use of a cannabis element in drinks. Coca-Cola has already been diversifying as consumption of soda continues to decline.
    Drake Sues Woman Over Alleged False Pregnancy and Rape Claims

    Drake Sues Woman Over Alleged False Pregnancy and Rape Claims

    When her alleged fake pregnancy plan didn't work, she went to NY police and claimed Drake raped her during their one-night stand. Ironically, all of this messy drama has since led her to delete her account, which was essentially her bread and butter.
  • Ronaldo To Miss Old Trafford Reunion Following Juve Red

    Ronaldo was distraught with the referee's decision, after he seemed to pull the hair of a grounded Murillo . The Juventus player protested the decision before leaving the pitch in tears.
    The French press dig out Neymar as PSG suffer in Liverpool

    The French press dig out Neymar as PSG suffer in Liverpool

    Sturridge played just 116 minutes for Albion last season after joining on loan in January, scoring no goals. While Liverpool found a late victor , questions have already been asked about the play of PSG star Neymar .
    Active shooter at office building in Middleton, Wisconsin

    Active shooter at office building in Middleton, Wisconsin

    Wisconsin police are asking everyone near the scene of an reported active shooting to hunker down until further notice. A State Journal reporter at the scene says at least 40 police squad cars and ambulances are outside the building.
  • Malaysia anti-graft agency arrests former leader Najib Razak

    Malaysia anti-graft agency arrests former leader Najib Razak

    Najib has said the money in his account were donations from Saudi Arabia, most of which he returned. Effective July 2018, access to full reports will only be available with a subscription.
    Cathay Pacific spells its own name wrong on side of plane

    Cathay Pacific spells its own name wrong on side of plane

    Twitter users were quick to savor this most titanic of typos. "No f's were given that day", said another user. The image had been posted on the Hong Kong Aviation Discussion Board , a Facebook group for plane spotters.
    Florence brings catastrophic floodwaters to the Carolinas

    Florence brings catastrophic floodwaters to the Carolinas

    Save the Children advises allowing kids to help with relief efforts so they can regain a sense of control in a storm's aftermath. Hundreds of thousands of homes across North and SC are without power and tens of thousands of people are in emergency shelters.
  • First Captain Marvel trailer starring Brie Larson drops

    First Captain Marvel trailer starring Brie Larson drops

    Either way, this new synopsis isn't the most exciting news, but we thought we should share the subtle change with all our readers. Brie Larson has shared a new photo of herself wearing the official Captain Marvel t-shirt.
    The final straw that got Josh Gordon shipped to Patriots

    The final straw that got Josh Gordon shipped to Patriots

    And now, after being traded to New England on Monday, he's being inserted into one of the most complex passing games in the NFL . You know all these things need to play themselves out.
    Trump says no Federal Bureau of Investigation  probe needed on Supreme Court pick

    Trump says no Federal Bureau of Investigation probe needed on Supreme Court pick

    Ford's letter , ' added Judge, who wrote a book about his high school days describing heavy partying, drinking, and teenage sex. Democratic Senator Doug Jones said Mark Judge, Kavanaugh's high school friend, should be subpoenaed if he refuses to testify.


Most liked

Trump comforts storm-ravaged Carolinas with hot dogs, hugs
Roy Cooper said at a briefing Tuesday. "We will be there 100 percent", pledged Trump, wearing a wind breaker and khaki trousers . Some critics said the president's trip took on the tone of a victory lap for successful disaster management.

USA storm evacuees wait as floodwaters rise
And he was caught on camera telling a person to whom he had just handed food to "have a good time". He also joked with a family who had a large yacht they didn't own wash up against their house.

'Machines will rule workplace by 2025'
It warned there's a significant gap between the skills workers now have and those that may be required for future new roles. Still, the conventional wisdom among many business executives is that AI will also create new jobs.

Jimmy Butler requests trade, 76ers could be highly interested
All-Star swingman Jimmy Butler has requested a trade from the Minnesota Timberwolves , according to a report from The Athletic . Now he also must balance the possibility of Butler leaving, and how the franchise should best handle that.

Cigna-Express Scripts merger gets DOJ approval
Cigna shareholders will own about 64% of the combined company and Express Scripts shareholders will own about 36%. Both Express Scripts and Cigna shares closed higher Monday from the previous close following the DOJ clearance.

Florence aftermath is a 'nightmare' of swollen rivers, flooding and rising deaths
The dump is adjacent to the Waccamaw River, which is expected to crest at almost 20 feet (6 meters) this weekend. Evacuees from Pender and Brunswick counties should especially not go home due to flooding, he said.

Ronaldo Sent Off on Champions League Debut for Juve
Bayern beat Benfica 2-0 in the other game in the group, Robert Lewandowski and Renato Sanches getting the goals. Juventus did not respond to emailed and phone requests to comment from Reuters.

Russia Declassifies Data on Missile That Downed MH17 Flight in 2014
In the weeks prior to the plane crash the separatists bragged on social media about shooting down Ukrainian military aircraft. A highly placed rebel, speaking to the AP shortly after the crash, admitted that rebels were responsible.

Ferrari Monza SP1 & Monza SP2 Detailed In Official Photo Gallery
They are breathtakingly lovely , are powered by Maranello's most powerful V12 yet, and cost $3 million a pop. Ferrari have utilised a "Virtual Wind Shield" which deviates the air flow to increase driver comfort.

Google Maps Not Showing In iOS12’s Apple CarPlay? Here Is The Solution!
In the future, Google-owned Waze will put out a new version of its app for iOS that will support CarPlay too. The navigation experience itself is the same as in the regular iPhone app.

NASA’s TESS telescope shares first image from its planet hunt mission
TESS managed to grab the image by using all of its four cameras for a 30-minute period on Tuesday, August 7th. The mosaic shows parts of a dozen constellations in the southern hemisphere, from Capricornus to Pictor.

On Mohamed Salah’s Champions League petulance
It was clear that [Jordan] Hendo would come back and it was a brilliant performance from him. We need to pay attention at all times and football punished us here.

Michael Jordan donates $2 million for Florence relief and recovery aid
Property damage from the storm is expected to come to $17 billion to $22 billion, the risk management firm Moody's Analytics said. Conway was one of the areas hardest hit by the storm in SC , and the water levels of the Waccamaw River continue to rise.

Lenovo Smart Display Review
Additionally, we can confirm that the device will be called the "Home Hub" and should be available later this fall for $149. Alphabet's subsidiary is planning to offer the Google Home Hub in White and Charcoal variants, as per the same source.

Aguero and Co get ready for Champions League opener against Lyon
Mikel Arteta will step into Pep Guardiola's shoes as Manchester City begin their Champions League campaign tonight. If you ask me the question if, one day in the future, I will be a coach, the answer is probably "yes".