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6 Nov, 2018 09:27

'Trade war is the most stupid thing in the world’ – Jack Ma

'Trade war is the most stupid thing in the world’ – Jack Ma

The widening trade conflict between the world’s two largest economies, China and the US, is senseless, according to Alibaba co-founder Jack Ma.

The purpose of trade should be to promote peace and communication rather than conflict, he said at the China International Import Expo in Shanghai.

“Trade war is the most stupid thing in this world,” Ma said, adding: “Nobody can stop the free trade.”

The founder of China’s largest corporation is strongly against the tit-for-tat tariffs on hundreds of billions of dollars’ worth of US-Chinese goods. He claims it is pointless to target goods because the Asian nation was on its way to becoming a major buyer of foreign products.

The businessman had earlier warned that the conflict between the two economic superpowers could last decades and would be “a mess” for all parties involved. He said the US will “suffer more” if it continues its efforts to launch a Cold War against China in an attempt to neutralize the growth of the country’s economy.

READ MORE: Trump hits Chinese chipmaker with export ban, still expects ‘great deal’ with Beijing

Ma has also acknowledged that trade frictions were hurting Alibaba's business, which benefits from the flow of goods across borders.

Washington and Beijing are currently locked in a standoff over trade, market access and the transfer of technology secrets. So far, the White House has imposed tariffs on $200 billion of Chinese goods and Beijing retaliated with tariffs on $60 billion of US goods and stopped buying American oil.

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