Executive vice-chairman and co-founder of the Alibaba Group Joseph Tsai said Thursday that China’s economy will remain resilient in the midst of the escalating U.S.-China trade war.
“We believe the Chinese government policy will continue to support imports in China to satisfy the rising demand of Chinese consumers,” Tsai said on the company’s earnings call, according to the Washington Examiner.
“If U.S. goods become too expensive due to tariffs, Chinese consumers can shift to domestic producers,” he continued.
{mosads} Tsai also told investors in his company, often referred to as the Chinese Amazon, that the Chinese economy “will continue to be resilient” given strong domestic consumption.
The trade war between America and China escalated Thursday when both countries released new rounds of sanctions following initial talks Wednesday.
President Trump said before the Wednesday talks that he didn’t “anticipate much” coming out of them.