Jack Ma, who chairs China’s e-commerce giant Alibaba, warned Tuesday that the expanding trade war between the U.S. and China is unlikely to be resolved soon, and could last decades.
“Short term, business communities in China, U.S., Europe will all be in trouble,” Ma told an audience, according to Bloomberg. “This thing will last long. If you want a short-term solution, there is no solution.”
Ma added the fight will be a “mess,” and said that while there is some chance it could end faster, he said it could also go on for “maybe 20 years,” according to CNN.
President Trump on Monday announced tariffs on $200 billion worth of Chinese exports, raising the total value of goods to $250 billion. Trump’s move was aimed at punishing China for failing to respect U.S. intellectual property rights.
Trump also warned that if China retaliates, as it has the last two times he hit China with tariffs, then the U.S. would punish another $267 billion worth of Chinese goods with tariffs.
China, however, warned it would take “countermeasures,” raising the prospect that Trump would soon impose tariffs on everything China exports to the U.S.
