Jack Ma makes a grim prediction about US-China trade war

Ma said new trade rules were needed over the longterm

Ma, however, said Alibaba "will not stop working hard to contribute to the healthy development of China-US trade".

Ma has grown increasingly critical of the trade battle between the U.S. and China, warning that it will damage businesses around the world.

China placed tariffs on about $60 billion worth of US products the next day as previously planned, though it reduced the size of the tariffs.

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

"[The] current situation has already destroyed the original premise", Ma said.

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.

Alibaba said access to Chinese customers through its online marketplace would help U.S. businesses grow and hire workers - as many as one million people over five years.

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.

He said business opportunities are still bountiful in the world, such as in Europe, South America, Russia and Africa.

In April, Alibaba bought a Chinese microchip maker Hangzhou C-SKY Microsystems to help bolster its cloud-based "internet of things" (IoT) business.

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

KPMG has unveiled plans to deliver Alibaba Cloud to businesses across multiple industries globally, expanding the tech giant outside of its China heartland.

Ma's latest comments come on top of others he recently made about the escalating trade skirmish and show his support for Beijing's stance on how additional tariffs will affect businesses and the country's cornerstone One Belt One Road foreign policy initiative.

"I'm just 54, and I still have at least 16 years to do something new". "It´s exciting to have more than a dozen years to take on a new career".

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