China-U.S. trade war will last for ‘maybe 20 years,’ says China’s best-known exec
China’s most famous business executive said the trade tensions between his country and the U.S. will last far longer than the administration of President Donald Trump, even if Trump were to win a second term. The trade war could last “maybe 20 years,” according to Jack Ma, founder and until recently head of e-commerce juggernaut Alibaba Group: ‘It’s going to last long, [and] it’s going to be a mess.’ Ma made that comment in Shanghai at an annual event for Alibaba shareholders, just hours after Trump announced the imposition of new tariffs on about $200 billion in Chinese goods. The 10% tax will take effect on Sept. 24 and will rise to 25% at year-end, according to the Wall Street Journal, which cited administration officials. The latest round of tariffs will be applied to a range of goods from luggage to seafood. Trump insists that China is taking advantage of the U.S. with its trade policies. The Chinese government has vowed to retaliate to defend its interests. Read More Here.