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Alibaba's Jack Ma Backs Down From Promise To Trump To Bring 1 Million Jobs to the US (cnbc.com)
Jack Ma, chairman of Alibaba, has abandoned a promise to create one million new jobs in the US, in a sign of the threat that rising trade tensions with China pose to some of US President Donald Trump's key economic goals. From a report: "The promise was made on the premise of friendly US-China partnership and rational trade relations," Ma told Chinese news site Xinhua on Wednesday. "That premise no longer exists today, so our promise cannot be fulfilled." Ma, who recently announced that he will step down as Alibaba chairman within a year, added that the company would "not stop working hard to contribute to the healthy development of China-US trade." Ma's comments come on the heels of a new round of tariffs this week from both China and the U.S. that will affect billions of dollars worth of goods as the two countries have failed to reach a deal to resolve the Trump administration's concerns about China's trade practices.
What was the last high-profile promise you can remember actually being fulfilled?
Populus vult decipi, ergo decipiatur...
"Force shits upon Reason's back." - Poor Richard's Almanac
"That premise no longer exists today, so our promise cannot be fulfilled."
I have a hunch that the USA no longer has that clout it once had. Countries are now openly willing to defy the USA.
Some countries are already trying to kill the dollar
let me hope our president will change course, though I have no doubt that some folks will hope that he doubles down.
Wow, the promise of 1 million jobs selling cheap consumer products. Now that's a recipe for a healthy economy.
Making more things here makes *more* sense with the tariffs in place than without, since companies would not be paying tariffs on things built here... so there's something else at work.
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Slashdot economics experts: China has been bullying other countries economically for decades and unfairly favoring its own companies. We have to do something about it before its too late. The longer we wait the more painful it will be. After Trump ........
Slashdot economics experts: WAAA Trump did something China didn't like and they gave me a booboo. Waaa we must never offend china to keep cheap chinese goods forever!
Who could have seen it coming?
Only 65,853,514 of us, unfortunately.
https://en.wikipedia.org/wiki/United_States_presidential_election,_2016
"That premise no longer exists today, so our promise cannot be fulfilled."
I have a hunch that the USA no longer has that clout it once had. Countries are now openly willing to defy the USA.
Some countries are already trying to kill the dollar
let me hope our president will change course, though I have no doubt that some folks will hope that he doubles down.
The US had plenty of clout, backed by a network of friends and allies that was unique in human history, and potentially still is mostly salvageable. That network of allies has always been the USA's strength because everybody knew that whatever the Americans got up to they'd always be better of with those occasionally crazy Yanks than the Soviets/Russians or the Chinese. The US' position would still be unassailable if Trump wasn't busy throwing away that clout and methodically disassembling the network of friends and allies. There is a whole slew of Asian countries now cozying up to China but not necessarily because they want to. With the Trump administration adopting a policy of insulting everybody and isolating the US, they have no choice but to cozy up to China. Most of them would much prefer the US, it usually offer a better deal and, (key point here) the USA is a distant hegemon, far across the ocean. You can't drive American tanks to Asia from the continental US and amphibious operations are very expensive and hard to do right. You can, however, easily drive Chinese tanks from bases in China to most of these Asian countries and they are only too keenly aware of it. Most of them have watched China claim the south China sea to the extent that you can stand on a beach at the water's edge in some of the countries in the region and send a golden arc of piss into what China regards as its sacred territorial waters.
For hundreds of year the Gold Standard (and by default the British Pound) were the standard for international Trade, simply because the Pound was backed by the gold reserves.
There was no US dollar from the Federal Reserve until 1913.
During WWII, the USA demanded payment from the UK etc in Gold, so by default the US ended up with the majority of Gold Reserves. It was in the 1950's when world trade was again taking off that the US$ became the standard (because of the gold they had). At this stage the USA also accounted for over 60% of the entire worlds GDP.
Today the USA accounts for about 19% of the worlds GDP (and falling), not because the USA failed, but because the rest of the world succeeded , it had rebuilt from WWII (something the US did not have to do). The USA is only 4% of the worlds population, so all other things being equal the USA could fall to 4% of the worlds GDP.
The rest of the world is starting to see the USA as a bully and wants the world to shift away from the USA and it politics dominating their countries and economies.
The Euro is a good example of this, though more needs to be done to equalise and stabilise the individual countries within the federation.
It is likely that China (if not already) will become the worlds biggest economy shortly, Trump is only accelerating this as other countries also believe the need to reduce dependance on the USA and are actively seeking trade agreements with each other, and in particular the Asian economies (which account for over 60% of the worlds population).
Trump said "Trade wards are easy to win", this also means "Trade wars are easy to loose" , Trump lacks any real understanding of world economics, international trade, all indications are people who have to deal with him believe he is an idiot. He is souring international relationships on an almost daily basis. This means he is far more likely to loose the war than win it. Shouting " USA USA USA" will not change this, and the cracks and failures in Welfare, Education, Health, Freedom of Speech, Freedom of the Press, democracy, , etc etc are growing wider in the USA (go search for USA world rankings on these measures).
The USA leads the worlds spending on the military , and seems to frequently use it, not so much to protect US citizens but to protect US corporate interests (Oil, etc). Perception is everything, and the worlds perception of the USA is falling .
You have very rosy colored glasses.
Very rosy colored glasses. what you need to see Trump as a stable genius, friend of the common man, master negotiator, keen political mind and greatest American of all time. I think I made it quite clear that I consider him a bumbling idiot, and that's me putting it kindly.
the manufacturing jobs aren't coming back. Even if the factories do they'll have so much automation they're never going to employ the kinds of numbers they used to. There's multiple studies showing this. We've doubled our manufacturing output in the last 40 years while cutting our workforce by 1/3 ( source).
Thing is this is why Hilary didn't think it was much of an issue in the campaign. She's trapped in an iron bubble and she thought people would be reasonable about manufacturing jobs and just accept they're not coming back. Of course, if she wasn't such an arrogant **** (substitute your own curse word kiddies) she'd have offered up a solution to the jobs problem besides "Hey, I went to a posh college and graduated with honors, so can everybody else". Trump for his part saw millions of ex factory workers being ignored (well, Paul Manafort did, he's the one that told Trump to campaign in the rust belt on jobs).
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Hong Kong isn't independent now, wtf are you even talking about?
They got 10 years of no new rules to arrange an orderly handover, any promises beyond that were already broken and the policies retracted long ago.
You should seek access to news sources.
And when the recession comes, and you get laid off, what then? Tariffs just lead to layoffs inevitably. The only thing propping up this entire shitshow is the tax cuts and stock buybacks. Couple more interest rate raises and things are going to start crumbling (like nearly every recession for the last century).
Crystal meth is no longer trendy among teenagers/20-year-olds. It's an old person drug. Heroin is the new choice.
Good lord, I wish I was joking.
I should point out this is based on statistics of people arrested, not personal experience
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A great example of this is what happened with TPP. When the US pulled out the other countries decided to continue on their own with CPTPP, basically the same thing but without the US. They dropped all the stuff that the US wanted by they didn't of course.
So now they have this huge trade deal with 11 countries and the US is trying to do individual deals with each of them. Of course they don't want to do individual deals, the whole point of doing a collective one was that no single country could make demands without broader agreement. And of course, that's why Trump didn't like it, he thought he could do better individual deals and force countries to agree to them.
What has actually happened is that the CPTPP signatories are just stalling with the US, waiting for Trump to go away. Japan doesn't want to lower automotive standards to allow more US cars to be sold there, and doesn't want to lower food standards to allow US meat products to be sold (like the EU they don't allow chlorine washing for example).
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