Jack Ma Meets With Donald Trump to Talk About Creating Jobs

Jack Ma Meets With Donald Trump to Talk About Creating Jobs

Foto: Alibaba

Alibaba Chairman Jack Ma met with Donald Trump to discuss how the online retailer could help create 1 million new U.S. jobs, keying in on one of the president-elect’s chief concerns amid fraught relations between China and the incoming administration, according to Bloomberg. The Chinese e-commerce giant said the positions would be generated through Alibaba adding 1 million small and medium-sized U.S. businesses to its platforms, estimating that each one will hire a new person as a result of the added commerce.

Several other top executives have met with Trump in his New York headquarters promising to create U.S. jobs. But Ma’s 40-minute sit-down comes after Trump has called for high tariffs on trade with China, accused the country of stealing jobs from Americans and incited political controversy by reaching out to Taiwan. Alibaba was also recently put back on the U.S. “Notorious Markets” list, with its Taobao website cited as a haven for fake merchandise, suggesting it hasn’t done enough to fight counterfeits. Alibaba said at the time its new designation could have been influenced by politics.

Still, Alibaba needs to cultivate a positive working relationship with Trump as it aims to implement its international expansion plans. Ma’s discussion fits into Alibaba’s long-stated goal of bringing foreign goods to Chinese consumers. Ma has also said he wants the company to derive half of its revenue from outside China, which would to offset any slowdowns at home. Alibaba has a significant part of its business tied to trade in the U.S., giving it a strong incentive to avoid a situation in which Trump puts his campaign rhetoric into practice.

Higher tariffs would depress demand for the AliExpress site, where Chinese retailers sell to U.S. consumers. Any ensuing trade disputes could hurt sales on Alibaba’s Tmall platform, through which U.S. and international brands sell to Chinese consumers. Last year, 7,000 U.S. brands on Alibaba’s platforms made sales worth $15 billion to Chinese consumers, according to the company.

“Jack and I are going to do some great things together,” Trump said in the lobby of the Trump Tower in New York. After the meeting, Alibaba tweeted that it “wants to create U.S. jobs by helping U.S. small businesses and farmers sell to China’s 300 million-strong middle class.”

More from category

Pact to Speed Up Bitcoin Drives Digital Currency to Record High

Pact to Speed Up Bitcoin Drives Digital Currency to Record High

25 May 2017 comment

Bitcoin’s seemingly unstoppable rally has just been given new impetus. According to Bloomberg, the cryptocurrency extended its surge by 10 percent to a record-high $2,690, bringing gains this year to 182 percent, after an agreement to upgrade the speed of processing transactions.

Terror Posts and Encryption Targeted by U.K. Following Attack

Terror Posts and Encryption Targeted by U.K. Following Attack

25 May 2017 comment

The U.K. government urged social-media platforms such as Facebook and Twitter to tackle terror posts on their sites as it reinforced its demand to allow access to encrypted messages, according to Bloomberg.

GfK: Upward Trend in the Consumer Climate in Germany Continues

GfK: Upward Trend in the Consumer Climate in Germany Continues

25 May 2017 comment

German consumers were still highly confident in May of this year, providing reliable support to the economy. This was reflected in heightened expectations of the economy and income. Propensity to buy fell slightly, but still remained at a high level.