Jack Ma warns that trade war will drag on for decades

Ma said new trade rules were needed over the longterm

It comes after Ma's warning that the US-China trade war could continue for 20 years.

Announced at Alibaba's largest global customer and partner event the Computing Conference 2018, the alliance will focus on digital transformation, "new retail", IT strategy consulting and cloud-based digital solutions.

He had previously embraced the idea of expanding in the US.

Ma had offered the company's e-commerce platform to help US businesses sell products to Asia, with the potential of creating up to 1 million American jobs, during a meeting with US President Donald Trump in New York City in January past year.

Shares in Alibaba closed 3.5 per cent lower on Monday.

In an interview with Chinese state media Mr Ma said that the spiralling tariff dispute between the White House and...

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"Trade is not a weapon for war, but a propeller of peace", Ma said. With both the U.S. and China going for broke on tariffs, Alibaba could very well be caught in the crossfire.

Weeks later, Alibaba's digital payments affiliate, Ant Financial Services Group, announced plans to acquire the U.S. money transfer firm Moneygram. With all this fuss about the trade relations between the U.S. and China, this is bound to be just beginning. However, the 54-year-old tech tycoon said that the trade war is "against China" and hit out at his country's policies, calling on Chinese leaders to see the damage inflicted by Trump's tariff salvo, as an opportunity to "upgrade".

An in January, his administration blocked Ant Financial's Moneygram deal on national security grounds.

Ma made the remark after President Donald Trump ordered the US Trade Representative to impose fresh tariffs on $200 billion worth of Chinese goods. The newest round will go into effect next week.

This week, Mr Trump said he would press ahead with 10 per cent levies on US$200 billion (S$273 billion) of imports - on top of US$50 billion already targeted - prompting Beijing to target another US$60 billion of USA goods with 5 to 10 per cent taxes.

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