"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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