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Jack Ma rows back on pledge to create one million US jobs | |
(35 minutes later) | |
Alibaba founder Jack Ma, who once boasted his e-commerce firm would spur the creation of one million jobs in America, has rowed back on those plans. | Alibaba founder Jack Ma, who once boasted his e-commerce firm would spur the creation of one million jobs in America, has rowed back on those plans. |
Citing the ongoing trade war between the US and China, Mr Ma told China's Xinhua news agency: "There is no way to complete the promise." | Citing the ongoing trade war between the US and China, Mr Ma told China's Xinhua news agency: "There is no way to complete the promise." |
It follows remarks by Mr Ma at Alibaba's investor day that the trade tensions could continue for decades. | It follows remarks by Mr Ma at Alibaba's investor day that the trade tensions could continue for decades. |
He had previously embraced the idea of expanding in the US. | He had previously embraced the idea of expanding in the US. |
In January 2017, Mr Ma met with US President Donald Trump, outlining a plan to increase Alibaba's presence in America and strengthen relations between the two countries. | In January 2017, Mr Ma met with US President Donald Trump, outlining a plan to increase Alibaba's presence in America and strengthen relations between the two countries. |
Alibaba said access to Chinese customers through its online marketplace would help US businesses grow and hire workers - as many as one million people over five years. | Alibaba said access to Chinese customers through its online marketplace would help US businesses grow and hire workers - as many as one million people over five years. |
However, on Thursday Mr Ma said the pledge had been based on the idea of strong US-China relations, which have now turned sour. | However, on Thursday Mr Ma said the pledge had been based on the idea of strong US-China relations, which have now turned sour. |
"The current situation has already destroyed the original premise," he said. | "The current situation has already destroyed the original premise," he said. |
"There is no way to complete the promise, but we will not stop our efforts and will work hard to promote the healthy development of Sino-US trade." | "There is no way to complete the promise, but we will not stop our efforts and will work hard to promote the healthy development of Sino-US trade." |
He added: "The trade in the world really needs to be perfected, but trade is not a weapon, it cannot be used for war, it should be a propeller for peace." | He added: "The trade in the world really needs to be perfected, but trade is not a weapon, it cannot be used for war, it should be a propeller for peace." |
'Great things' | 'Great things' |
Alibaba's jobs pledge followed investments by the firm in US companies such as Snapchat and Jet.com, as well as efforts to launch a US online shopping site. | Alibaba's jobs pledge followed investments by the firm in US companies such as Snapchat and Jet.com, as well as efforts to launch a US online shopping site. |
After their 2017 meeting, Mr Trump appeared positive, telling reporters, "Jack and I are going to do some great things." | After their 2017 meeting, Mr Trump appeared positive, telling reporters, "Jack and I are going to do some great things." |
Weeks later, Alibaba's digital payments affiliate, Ant Financial Services Group, announced plans to acquire the US money transfer firm Moneygram. | Weeks later, Alibaba's digital payments affiliate, Ant Financial Services Group, announced plans to acquire the US money transfer firm Moneygram. |
But the deal never moved forward as relations between the US and China deteriorated. | But the deal never moved forward as relations between the US and China deteriorated. |
In August 2017, Mr Trump ordered an investigation of Chinese trade practices, accusing the country of unfair treatment of US companies. | In August 2017, Mr Trump ordered an investigation of Chinese trade practices, accusing the country of unfair treatment of US companies. |
And in January, his administration blocked Ant Financial's Moneygram deal on national security grounds. | |
The US has since announced tariffs of up to 25% on Chinese imports worth an estimated $250bn in trade in 2017. The newest round will go into effect next week. | The US has since announced tariffs of up to 25% on Chinese imports worth an estimated $250bn in trade in 2017. The newest round will go into effect next week. |
China has retaliated by raising its own tariffs on US-made products. Analysts have also warned that US companies selling in China could face nationalist backlash against their products. | China has retaliated by raising its own tariffs on US-made products. Analysts have also warned that US companies selling in China could face nationalist backlash against their products. |
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