Alibaba's Jack Ma says scared by prospects of global trade war

Alibaba Group Holding Ltd's executive chairman Jack Ma pleaded with governments around the globe not to use "trade as a weapon".
Alibaba Group Holding Ltd's executive chairman Jack Ma pleaded with governments around the globe not to use "trade as a weapon".PHOTO: EPA-EFE

DAVOS, Switzerland (BLOOMBERG) - Alibaba Group Holding Ltd's executive chairman Jack Ma pleaded with governments around the globe not to use "trade as a weapon," as US President Donald Trump made his first major move to level a global playing field he says is tilted against American companies.

"It is easy to launch a trade war but so difficult to stop the disaster of this war," Mr Ma said at a panel at the World Economic Forum in Davos on Wednesday (Jan 24).

"I am scared. I am concerned. Don't use trade as a weapon."

"It's impossible to stop trade. The world needs trade," Mr Ma said.

According to CNN, Mr Ma used dramatic language to describe the risks.

"When you sanction the other country, you are sanctioning those small business, young people," he said. "Just like you're bombing somewhere."

He said that the tensions are likely to fade over time, CNN reported.

 

"In the future, there will be no Made in China. No Made in America. No Made in Peru. It's going to be Made on the Internet," he said.

Mr Ma's comments came just days after Mr Trump slapped tariffs on imports of solar panels and washing machines.

The US announced on Monday that it will impose new duties of as much as 30 per cent on imported solar equipment. Mr Trump, who took office a year ago, also approved tariffs as high as 50 per cent on imported washing machines.