As Alibaba Group Holding Ltd (NYSE:BABA) founder Jack Ma sees it, those hoping for a quick resolution to the US-China trade flap are going to be sorely disappointed. Ma predicts that it’s going to be a long and drawn out affair.
Business Insider shares what the Alibaba founder had to say.
The trade war between US and China could last 20 years and have a bigger impact than most people think, Jack Ma, the founder and executive chairman of Alibaba, the largest e-commerce site in China, said.
“It’s going to last long, it’s going to be a mess,” the tech tycoon said Tuesday at an annual investor conference in Hangzhou, China. The US-China could last for “maybe 20 years,” he added, according to CNN.
Earlier this week, President Donald Trump fired another salvo by ordering additional tariffs on Chinese goods. There are no signs that the spat will be ending anytime soon. As for Ma, he recently announced that he would be stepping aside from his role as Alibaba executive chairman.
“Alibaba will last 102 years, and no one can be a 102-year CEO,” he said.
Alibaba Group Holding Ltd shares rose $1.60 (+1.02%) in premarket trading Wednesday. Year-to-date, BABA has declined -9.15%, versus a 9.94% rise in the benchmark S&P 500 index during the same period.