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Hours after China’s Foreign Ministry said it would unveil its retaliation to the impending 10% US tariffs on $200 billion of Chinese goods “at an appropriate time” – a “measured” response that, because it wasn’t “the worst scenario that some analysts had expected”, helped push global markets higher, China’s wealthiest – and recently retired – man warned that the US-China trade spat is far from over.
Alibaba founder – who surprised the market earlier this month when he announced his resignation as CEO – Jack Ma said that what we’re seeing now is merely the beginning of a conflict for global economic dominance that could persist “for 20 years” even after the US administration that instigated it has been consigned to the history books, Bloomberg reports.
Ma issued the “grave warning” during a speech at an Alibaba investor day conference in Hangzhou on Tuesday, where he portrayed the trade conflict as an intractable problem that won’t easily be resolved now that the US has set the conflict in motion.
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