During an annual investor conference at the company's headquarters in Hangzhou, China, Alibaba Group Holdings Ltd. founder Jack Ma warned business and political leaders that the trade war could last "maybe 20 years".
But Ma told official news agency Xinhua his vow had been made on the basis of continued cooperation and trade growth between the U.S. and China, and would now be hard to fulfill. "That premise no longer exists today, so our promise can not be fulfilled".
At Alibaba's annual investor event on Tuesday in Hangzhou, Ma warned that the trade friction between the United States and China will be a protracted affair because it is about two countries competing with each other.
Chinese e-commerce giant Alibaba, trading at the New York Stock Exchange with a market capitalization of more than $400 billion, has quickly become one of the leading blockchain developers in the world.
Alibaba's original promise was predicated on the idea that by giving U.S. small businesses more access to the Chinese market through Alibaba, the platform could help job growth in America. Earlier this week, Ma said the trade war could last decades and that China should focus exports on the "Silk Road" trade route, citing Africa, Southeast Asia and Europe.
The promise Ma said was based upon friendly U.S.
Trade relations have since deteriorated between China and the U.S. in a tit-for-tat escalation in tariffs. "But the current situation has already destroyed that basis".
"Trade is not a weapon and can not be used for wars", he added.
The two companies assert they are combining VMware's hybrid cloud software portfolio with Alibaba Cloud's scalable cloud infrastructure to enable enterprises to easily expand their existing workloads from on-premises data centers to the cloud.
Chinese firms with factories in the United States would also face higher costs as they ship US -assembled products back home.
His words come just after Trump announced a third round of massive tariffs on Chinese imports.