Alibaba Group co-founder and executive chairman Jack Ma attends the World Artificial Intelligence Conference, in Shanghai, China, on September 17, 2018.
He added US tariffs on hundreds of billions of dollars of Chinese products could prompt the country to export elsewhere. In fact, the Chinese e-commerce company officially announced the Tmall Genie previous year.
Trade analysts and business groups warn that the US duties and retaliatory tariffs that China imposes on USA products will drive up costs and harm consumers in the long run.
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But the Alibaba chairman and former CEO did concede that China needed to do more to open its economy and called on Party leaders to view the current situation not as a crisis but as an opportunity to "upgrade" economic policies.
"There is no way to fulfill the promise, but we will not stop our hard work to promote the healthy development of China-US trade".
Ma expressed his thoughts while speaking at the Alibaba investor conference in Hangzhou shortly after the Trump-led us administration announced impositions of duty tariffs on an extra $200 billion worth of Chinese imports and China announcing retaliatory measures on import of USA products.
Some experts said Ma's plan to bring 1 million jobs to the USA might have been overly ambitious in the first place.
Ma has previously been critical of the protectionist moves from the Trump administration and said Wednesday that trade should not be used as a weapon, but rather as a way to bring peace between countries.
Earlier this week the United States imposed a 10 per cent tariff on another $200bn (£152bn) of Chinese goods, meaning it now taxes over $500bn of Chinese exports to the US.