China considers lowering tariffs as its economy faces difficulties

Trump threatens more tariffs on China imports

Walmart urges Trump administration to roll back new tariffs on Chinese imports: report

China also cancelled trade talks with the USA and abandoned plans to send Vice-Premier Liu He to Washington next week, the Wall Street Journal reported on Friday (Sept 22), without saying where it got the information.

"The promise was made based on China and the US having a collaborative and friendly relationship", he said in the Xinhua interview.

While both the Chinese and United States measures are set to go into effect Monday, Trump previously noted that the initial 10 percent tariffs would rise to 25 percent on January 1, 2019.

It was a promise made in January of 2017 during a meeting with newly elected President Donald Trump.

Ma also said in the interview that he will keep making efforts to push for the healthy development of bilateral trade ties.

One million jobs would be close to one percent of all jobs in the United States - meaning that successfully delivering would make Alibaba one of the country's largest private employers.

On Tuesday, China hit back, saying it would levy tariffs on US$60 billion worth of U.S. goods effective from Sept 24.

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"We're going to go US$200 billion at 25 percent on Chinese made goods".

While the direct economic impact of the dispute on China has so far been limited, the trade tensions could rapidly push Chinese exporters to switch away from the US market, a former chief of China's central bank said on Wednesday.

In a formal statement, the Chinese Ministry of Commerce said the USA undertook the new round of tariffs "in spite of the overwhelming opinions of the vast majority of global and domestic opinions".

"There are still many things that Chinese companies should and can do".

"It's going to last long, it's going to be a mess", he said.

"Trade is not a weapon and can not be used for wars", he added.

Ma announced this month he would step down as head of the pioneering Chinese e-commerce giant next year, handing over to CEO and anointed successor Daniel Zhang. "It's exciting to have more than a dozen years to take on a new career".

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