US-China Trade War 'Most Stupid Thing Ever', Says Alibaba Chief Jack Ma
The trade war, which began earlier in the year, has witnessed both sides imposing tariffs on goods worth hundreds of billions of dollars.
Shanghai, November 5: China's most successful entrepreneur Jack Ma lambasted the ongoing trade war between China and the United States, calling it the "most stupid thing ever in the world". The Alibaba founder said the trade war would leave an unprecedented dent in the economy of both the nations, and annul the gains made over the last decade.
Debunking US President Donald Trump's claim that China has been exploiting the liberal trade policies enacted by his predecessors, Ma claimed that an unprecedented number of jobs were created in the US due to the balance sheet leaning in favour of Beijing. U.S. to Slap Tariffs ‘On All Chinese Imports’ If Trump-Xi’s November Meeting Fails.
The trade deficit with China has actually helped America to create jobs, Ma said, adding that without the unprecedented imports from Beijing, the US consumers would had been facing massive inconveniences.
Trump, however, has reiterated the blame on Chinese imports for the layoffs of American workers. "The rustic belt turned more rusty as our leaders prioritized on maximising the profit of China," the US President said, referring to the shutdown of hundreds of factories over the past decade in the erstwhile industrial provinces of Midwest region.
The trade war, which began earlier in the year, has witnessed both sides imposing tariffs on goods worth hundreds of billions of dollars. If Beijing fails to uplift the duties on US imports, Trump said he would slap tariffs on the remainder of China's $500 billion-plus exports.
Ma, who will step down from Alibaba in September 2019, also signalled caution for the Chinese government, claiming that their switch to the "import-model" of economy will "hurt the businesses in the short run".
(The above story first appeared on LatestLY on Nov 05, 2018 06:56 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).