TIL Desk/Business/Beijing/ Tech tycoon Jack Ma has told investors to hunker down for a drawn out trade war between the US and China that can last for upto 20 years. “It’s going to last long, it’s going to be a mess,” Ma, the founder and executive chairman of Alibaba, said on Tuesday at an annual conference for Alibaba investors.
Just hours after the Trump administration slapped a new round of tariffs on Chinese goods worth $200 billion, Ma said the US-China trade war will last not for 20 months or 20 days, but “maybe 20 years”. That would mean no easing of tensions between the world’s top two economies for many years after President Donald Trump has left office, even if he serves a second term.
While the tech billionaire dismissed speculation that geopolitical headwinds played a part in the surprise announcement of his retirement last week, he acknowledged that the ongoing spat with China’s largest trade partner is hurting Alibaba’s business. Shares in Alibaba closed 3.5 per cent lower on Monday. The company’s stock is down 25 per cent from its all-time high in June.
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