China's Alibaba Scraps Plan to Create 1M US Jobs

Sean Gallup  Getty Images

Sean Gallup Getty Images

Alibaba founder Jack Ma said the Chinese company will no longer create one million new jobs in America, as he had previously promised U.S. President Donald Trump due to the rocky trade relationship between the two nations.

Ma and Trump met in January 2017 to discuss how adding small and medium-sized USA businesses to Alibaba's platform would boost employment.

Alibaba can no longer meet that promise, Ma told Chinese news agency Xinhua on Wednesday. Ma said. "There is no way to deliver the promise".

"Trade is not a weapon and can not be used for wars", he added, in an exclusive with Xinhua news agency.

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Even so, it is known that the Alibaba shares have been declining steadily through the year.

Last week, Ma announced he would be retiring from the executive chairman position of Alibaba within the next year, and has been planning on leaving for quite some time.

"Short term, business communities in China, U.S., Europe will all be in trouble", Ma said at an investor presentation earlier this 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 U.S. goods with 5 to 10 per cent taxes.

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The two companies assert they are combining VMware's hybrid cloud software portfolio with Alibaba Cloud's scalable cloud infrastructure to enable enterprises to easily expand their existing workloads from on-premises data centers to the cloud.

Ma said he and Zhang will work together on the internalization and cultural development of the company as well as the cooperation between Alibaba and Ant Financial during the past year of him being chairman of the board.

Ma's latest comments come on top of others he recently made about the escalating trade skirmish and show his support for Beijing's stance on how additional tariffs will affect businesses and the country's cornerstone One Belt One Road foreign policy initiative.

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