The trade war with China has been heating up, and now the battles have gone beyond tariffs.
In 2017 Jack Ma, the founder and chairman of Chinese retail giant Alibaba, paid a visit to Trump Tower. After a meeting with President Trump, Ma said that they discussed plans that would help create 1 million new jobs in the United States. Now that plan is no more.
"The promise was made on the premise of friendly US-China partnership and rational trade relations," Ma told Chinese news site Xinhua on Wednesday, according to CNBC. "That premise no longer exists today, so our promise cannot be fulfilled."
While the promise of 1 million jobs was almost definitely exaggerated, the announcement definitely hints at a new phase of the trade war. What’s next? Boycotts of American goods?