US-China trade war could last 20 years: Jack Ma
Beijing, Sep 19 : Tech tycoon Jack Ma has told investors to hunker down for a drawn out trade war between the US and China that can last for upto 20 years.
"It's going to last long, it's going to be a mess," Ma, the founder and executive chairman of Alibaba, said on Tuesday at an annual conference for Alibaba investors.
Just hours after the Trump administration slapped a new round of tariffs on Chinese goods worth $200 billion, Ma said the US-China trade war will last not for 20 months or 20 days, but "maybe 20 years".
That would mean no easing of tensions between the world's top two economies for many years after President Donald Trump has left office, even if he serves a second term, the CNN reported.
While the tech billionaire dismissed speculation that geopolitical headwinds played a part in the surprise announcement of his retirement last week, he acknowledged that the ongoing spat with China's largest trade partner is hurting Alibaba's business.
Shares in Alibaba closed 3.5 per cent lower on Monday. The company's stock is down 25 per cent from its all-time high in June.
Ma said a lot of businesses in China and the US will be in trouble in the short term, and eventually, Chinese firms will be forced to turn to other countries, CNN reported.
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". "China must open the market," he added.
Ma reassured investors that the $410 billion company he helped build is in safe hands. He announced last week that he will step down from Alibaba in a year's time, handing over the reins to CEO Daniel Zhang.
"I'm 100% sure Daniel will do a better job than I do," Ma said. The 54-year-old former teacher repeated his desire to pursue a new career, likely in the field of education.
"I'm not sad at all. I think I'm still young," he said. "In Alibaba I'm old, but in my career I'm still young."
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US lawmakers seek clarity over financial burden, human cost, endgame in Iran conflict
Washington: Tensions rose at the US Capitol on Tuesday as lawmakers sought clearer answers from the Trump administration on the objectives, duration and costs of the ongoing military campaign against Iran, even as preparations advanced for votes aimed at curbing the president’s war powers.
Senior officials, including Secretary of State Marco Rubio, briefed members of the House and Senate for a second consecutive day behind closed doors, as reported by the Associated Press. The sessions came ahead of votes on war powers resolutions that would limit President Donald Trump’s authority to continue joint US-Israel operations without congressional approval.
Rubio told reporters that the president acted to prevent Iran from striking first. He rejected suggestions that Washington moved only because Israel was poised to launch its own offensive, saying instead that Trump believed the weekend presented a rare opportunity to act with maximum impact. “There is no way in the world that this terroristic regime was going to get nuclear weapons, not under Donald Trump’s watch,” Rubio said.
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The conflict has widened following US and Israeli airstrikes on February 28 that killed Iran’s Supreme Leader, Ayatollah Ali Khamenei. Iran has since launched missile attacks targeting US military bases in the region. At least six American service personnel have died so far.
The administration has indicated that supplemental funding may be required to sustain operations. It added that the concerns among lawmakers about the financial burden and potential for a prolonged engagement has disrupted legislative business, sharpening political divisions at the start of a competitive midterm election cycle.
Associated Press cited Senate Democratic Leader Chuck Schumer’s concerns about what he described as possible “mission creep.” Senator Angus King questioned whether the United States had been drawn into war at Israel’s urging, while Senator Elizabeth Warren asked how the campaign aligned with Trump’s “America First” pledge to avoid extended foreign conflicts.
Defence official Elbridge Colby told senators the president had directed the military to degrade Iran’s missile capabilities and prevent it from acquiring nuclear weapons, stressing that the objective was not nation-building. Trump, speaking separately from the Oval Office, dismissed claims that Israel had forced his decision and suggested the conflict could continue if necessary. He has not ruled out deploying US ground troops.
Senator Richard Blumenthal was quoted by Associated Press as saying that he feared the possibility of American boots on the ground while Republican Senator Markwayne Mullin defended the operation, saying the president had acted decisively.
Uncertainty over Iran’s future leadership has added to concerns, with questions mounting about who might succeed Khamenei as Trump rejected the idea of backing Reza Pahlavi, the exiled crown prince of Iran’s former monarchy. Senate Majority Leader John Thune said the future of Iran should be determined by its people and House Speaker Mike Johnson said the United States would not engage in nation-building.
Lawmakers from both parties also reported a surge in calls from constituents seeking assistance for Americans attempting to leave the region as hostilities intensify.
The US Constitution grants Congress the right to declare war, however presidents have routinely begun military activities without formal declarations. Both houses are anticipated to vote on proposals that would require explicit congressional approval to continue operations. Some members have also argued that if constraints are not imposed, Congress should consider issuing an Authorization for the Use of Military Force to put lawmakers on the record.
Associated Press quoted House Democratic Leader Hakeem Jeffries questioning the rationale for the campaign and saying there would be strong support among Democrats for the resolution. Johnson, however, warned that restricting the president during active combat could pose risks.
