Alibaba pledges support for Trump, ‘American brands’ amid flying sanctions

0
144

Alibaba has moved to ease tensions with Donald Trump, as the US president continues to threaten Chinese firms.

Chief executive Daniel Zhang said the online retailer’s policies “support American brands, retailers, small businesses and farmers”.

The comments came as the tech giant announced a better-than-expected jump in quarterly sales.

Meanwhile Mr Trump has promised to impose tariffs on US firms that refuse to move jobs back from overseas.

Earlier this month US Secretary of State Mike Pompeo called on American technology firms to cut ties with Chinese companies, including cloud-computing providers Alibaba, Tencent and Baidu as part of the Trump administration’s so-called “Clean Network” programme.

It came as Mr Trump signed two executive orders targeting Chinese-owned video-sharing app TikTok and messaging platform WeChat.

“Alibaba’s primary commercial focus in the US is to support American brands, retailers, small businesses and farmers to sell to consumers and trade partners in China as well as other key markets around the world,” Mr Zhang told investors.

“We are closely monitoring the latest shift in US government policies towards Chinese companies which is a very fluid situation. We are assessing the situation and any potential impact carefully and thoroughly, and will take necessary actions to comply with any new regulations,” he added.

At the same time the Hangzhou-based company said sales from its commerce business rose 34% in the three months ending in June, compared to a year ago.

Alibaba’s shares have soared by more than 20% this year as investors around the world poured money into technology companies seen to have benefited from people staying at home during the coronavirus pandemic.

BBC

LEAVE A REPLY

Please enter your comment!
Please enter your name here