Alibaba's Jack Ma Expects Trade War Between US, China To Last 20 Years

(RTTNews) - Alibaba's Chairman Jack Ma Tuesday said that trade frictions between the US and China could last for twenty years decades and is going to be "a mess" for all parties involved.

Ma made those comments after the Trump administration imposed a 10 percent import tariff on another $200 billion worth of goods made in China, bringing the total to more than $500 billion. The tariffs are set to increase to 25 percent in 2019. The tariffs will go into effect on September 24.

"It's going to last long, it's going to be a mess," Ma said at an annual investor conference in Hangzhou, China.

"You may win the battle, but you lose the war," Ma said. "Middle term, a lot of Chinese business will move to other countries."

Last week, Ma announced his plans to step down as Alibaba executive chairman in a year. Commenting about his coming retirement, Ma said it's not a "sudden decision" and he has been prepared for it for more than 10 years.

Ma will continue as executive chairman of the company over the next 12 months to ensure a smooth transition of the chairmanship to CEO Daniel Zhang, who will succeed as chairman.