Some experts said Ma's plan to bring 1 million jobs to the USA might have been overly ambitious in the first place.
Jack Ma, the founder and chairman of Chinese retail giant Alibaba BABA, says that the company no longer plans to create one million jobs in the United States in the wake of ongoing trade conflict between the U.S. and China.
Ma made headlines in January 2017 when he became the first major Chinese business leader to publicly meet with Trump shortly after the latter won the presidential election but before he assumed the office.
"On China-U.S. frictions, people should make preparations for the next 20 years", Ma reiterated at the World Economic Forum in the northern Chinese port city of Tianjin. "That premise no longer exists today, so our promise can not be fulfilled".
Alibaba a year ago held a conference in Detroit that encouraged small businesses as well as farmers in the U.S.to sell products they made or farmed to consumers in China through its platforms.
Trump on Monday imposed 10 per cent tariffs on about US$200 billion worth of imports from China, and threatened duties on about US$267 billion more if China retaliated.
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All this is playing against a backdrop of changing relations between China and Russian Federation . Sergei Ryabkov, deputy foreign minister, warned that the USA was "playing with fire".
Alibaba's original promise was predicated on the idea that by giving U.S. small businesses more access to the Chinese market through Alibaba, the platform could help job growth in America. "The situation now has completely destroyed our premise, so it can no longer be completed".
A spokesperson for Alibaba, the largest e-commerce company in China, confirmed the comments by Ma.
He said that trade is not a weapon and shouldn't be used for wars.
Alibaba has established a quantum computing laboratory now proceeding with 81-bit random quantum network simulation, and plans to release standard quantum chips in the next 2-3 years, Zhang was cited as saying.
Trade relations have since deteriorated between China and the United States in a tit-for-tat escalation in tariffs.
The comments came following a decision by the USA to slap a ban on exports of key components to Chinese chipmaker ZTE, only to later walk back the penalty. In fact, the Chinese e-commerce company officially announced the Tmall Genie a year ago. Analysts have also warned that U.S. companies selling in China could face nationalist backlash against their products.