China Trade War 'Stupidest Thing In The World', Says Alibaba's Jack Ma

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As reported by Bloomberg, co-founder of Chinese mega-company Alibaba and China's richest person, Jack Ma, is weighing in on the US-China trade war reality, which Ma warns could last twenty years.

Latin America's exports to China could see a 28-percent growth in 2018, more than exports to any other destination, which could consolidate China's ranking as the region's No. 1 trade partner, according to the latest ECLAC report.

Shanghai: Chinese President Xi Jinping, at the opening ceremony of China's first International Import Expo in Shanghai on Monday, asserted that his country will not close its door to the world and will only become more and more open. "Becoming a major buyer of foreign products is the greatest challenge for China", he announced.

The US and European Union business lobbies in China, and the French and German ambassadors to Beijing, last week called on China to use the expo to announce concrete change, saying it too often fails to deliver on promises.

The group of leaders also visited the Chinese booth that is organized around the country's vision of innovative, coordinated, green, and open development that is for everyone, which showcased the country's achievements since the reform and opening-up and new opportunities brought to the world by the Belt and Road Initiative. "This is going to be very painful for many companies, but it will also be a good opportunity for a lot of consumers".

According to the ECLAC, China-Latin America trade has grown in recent years, reaching 266 billion USA dollars in 2017. President Trump blames the trade deficit for a host of U.S. economic ills including rising unemployment, which was one of the key issues he raised as an election issue.

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The U.S. trade deficit with China, which Trump has blamed for a variety of economic ills, has helped create jobs in the U.S. and without it the country would have big problems, Ma added.

According to Jack Ma, the objective of trade was to promote peace and communication as opposed to the conflict which the U.S President has engineered. Trade is to communicate.

"It is important for us therefore to correct the existing trade imbalance to enable a fair share of the benefits of trade", he said.

However, he targeted Trumpism with a veiled attack on "isolationanism", "protectionism", and "the law of the jungle".

Beijing has touted the first annual China International Import Expo as a sign of its willingness to open its markets despite mounting criticism to the contrary and the worsening trade war with Washington, which has seen both sides impose punitive tariffs on hundreds of billions of dollars worth of goods.

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