Alibaba's Ma: 1 mil. US jobs pledge thwarted by trade row

On Tuesday, Beijing announced a tariff hike on $60 billion of United States goods in response to President Donald Trump's latest decision to increase import duties on Chinese products in a dispute over Beijing's technology policy. But in an interview with China's official news agency (Xinhua) this week, Ma said the recent waves of tariffs implemented by the Trump administration compelled him to abandon the pledge.

While the cumulative feedback from these tariff actions have been largely negative, they may be more necessary than one thinks, according to Walter Kemmsies, Managing Director, Economist and Chief Strategist for JLL's U.S. Ports, Airports and Global Infrastructure Group. "China, however, still refuses to change its practices - and indeed recently imposed new tariffs in an effort to hurt the United States economy". The world's two largest economic superpowers have already applied tariffs on $50 billion of each other's imports.

But Beijing is running out of room to respond to any further US tariffs on a dollar-for-dollar basis, raising concerns it may resort to other measures to weather what could be a protracted trade battle. China's leaders ought to see that, for the most part, they dovetail with their own stated ambitions to make the economy more productive through competition and reform.

In the long run higher prices for Chinese goods in the USA might damage its market share there, with negative effects on employment in China, but that's a slow process.

We "must uphold multilateralism, the rules of free trade", he said.

"Both sides believe they can outlast the other, fearing any conciliatory move will be viewed as weakness and reduce negotiating leverage", said Wendy Cutler, a former US trade negotiator who is a vice president at the Asia Society Policy Institute.

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His remarks gave a lift to the yuan, which has lost about 9 percent of its value since mid-April amid the ongoing trade war.

All of this means, he said, is that the system remains stacked against the US and a system that has been in place that long that has achieved such volumes can not be changed overnight.

China remains an important market for American companies despite the challenges. Such a move would mean roughly all of China's exports to the United States would be subject to new duties.

Some analysts and American businesses are now concerned China could resort to other means of retaliation such as pressuring US companies operating in China.

As the trade conflict between the United States and China goes on, it can sometimes feel like there's no end in sight. "This thing will last long". The Trump administration has increased import tariffs on several products coming from China, making the goods expensive. "In the long run, I think it will work out well, as both China and the USA stand to gain tremendously by coming to good terms".

(Copyright © 2015. All Rights Reserved.)
 
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