Alibaba Cloud's City Brain solution improves urban management in Hangzhou - USA

Alibaba Group Holding Ltd. chairman Jack Ma has sent out a grave warning regarding the trade war between the U.S. and China. Getty Images file

Nonetheless, Ma's statement underlines Chinese bearishness in the wake of tariffs on $200 billion of Chinese goods imported to the US on top of $50 billion covered by an earlier round.

"However, the previous basis for trade has been undermined", he said.

"Trade is not a weapon and can not be used for wars", he added, in an exclusive with Xinhua news agency.

Separately, Ma had warned China's business and political leaders that the trade war between China and the USA could last 20 years, longer than Mr. Trump's presidency, according to Bloomberg News. Instead of building factories, or establishing Alibaba operation centers in the U.S., the Chinese billionaire expressed hope that small American businesses can sell goods to consumers in China thereby creating more domestic jobs in the US. "We have visited a lot of countries and regions and find opportunities are everywhere".

He said Alibaba has always worked towards the goal of "making it easy and fun to do business".

The tariffs imposed by the U.S. are set to come into effect from September 24 with the 10% level, which will be increased to 25% from next year.

NatWest apologises to customers locked out of bank accounts
Millions across the United Kingdom and Ireland were said to be affected as the issued also affected Nat West and RBS customers. "We are aware that customers are now experiencing issues logging into their online and mobile banking accounts".

Ma said the trade war is "against China" but also criticised his country's policies, urging leaders to view the pain inflicted by Trump's tariffs as an opportunity to "upgrade". Ma will be succeeded by CEO Daniel Zhang, an 11-year veteran of the company.

Ma, the cofounder of Alibaba, announced in early September that he would step down from his role as chairman at the end of the year to focus on philanthropy. "Even if Donald Trump retired, the new president will come, it will still continue.We need new trade rules, we need to upgrade the WTO", he said, referring to the World Trade Organization.

The Chinese firm said the new subsidiary would make customised AI chips and embedded processors to support the firm's push into fast growing cloud and internet of things (IoT) businesses. "Today China has become the second-largest economy in the world".

On Thursday, Ma said weakness in the economic outlook is "problematic" for the company.

Alibaba's jobs pledge followed investments by the firm in United States companies such as Snapchat and Jet.com, as well as efforts to launch a U.S. online shopping site.

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