Alibaba founder reverses on promise to create 1 million jobs in US

Alibaba founder reverses on promise to create 1 million jobs in US
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Alibaba founder Jack Ma on Wednesday backtracked on his plan to create 1 million jobs in the United States, two days after President TrumpDonald TrumpHouse votes to condemn Chinese government over Hong Kong Former Vice President Walter Mondale dies at age 93 White House readies for Chauvin verdict MORE slapped tariffs on about $200 billion worth of Chinese imports.

"The promise was made on the premise of friendly US-China partnership and rational trade relations," Ma told Chinese news organization Xinhua, according to CNBC. "That premise no longer exists today, so our promise cannot be fulfilled."


Ma met with Trump at Trump Tower in January 2017, when Trump was president-elect. Trump said at the time that they had a "great meeting," and Ma told reporters the two discussed plans to help small businesses in the U.S. sell agricultural products to Asia.

A spokesman for Alibaba said at the time that the plan would help create 1 million new jobs in the United States.

But trade relations between the U.S. and China have since soured.

The nations exchanged 25 percent tariffs on $50 billion worth of each other's goods over the summer, and Trump on Monday announced that he was directing the U.S. Trade Representative to impose tariffs on $200 billion of Chinese imports.

The new tariffs are expected to go into effect on Sept. 24 and will be set at a 10 percent rate until the end of the year, when they will increase to 25 percent. 

Trump has also vowed to slap another round of tariffs on $267 billion in Chinese goods if China retaliates against this round. China said on Tuesday that it would retaliate against the tariffs.