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Ma and Trump met in January 2017 to discuss how adding small and medium-sized United States businesses to Alibaba's platform would boost employment. "The situation now has completely destroyed our premise, so it can no longer be completed".

"That premise no longer exists today, so our promise can not be fulfilled", he said.

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"The promise was made on the premise of friendly US-China partnership and rational trade relations".

"Trade is not a weapon and can not be used for wars", he added.

In June of a year ago, Ma spoke at an Alibaba conference in Detroit aimed at convincing American small businesses that China was a market for them.

The academy is the group's global initiative to develop disruptive technologies for its cloud and Internet of Things (IoT) businesses and explore commercial applications in its diverse verticals spanning logistics, materials and pharma, which require greater computing power to achieve technology breakthroughs.

Ma said he can no longer fulfill the promise under current circumstances.

The tech tycoon's remarks come shortly after the Trump administration issued a new round of tariffs on $200 billion of Chinese imports, which go into effect on September 24, that will start at a rate of 10 percent and rise to 25 percent at year's end.

Alibaba said access to Chinese customers through its online marketplace would help USA businesses grow and hire workers - as many as one million people over five years. Ma said that in the past three years, he and Zhang have worked closely and have in-depth discussions about the business a few days every month.

Ma, expected to step down as Alibaba chairman in a year, predicted on Tuesday that trade frictions would lead to "a mess" for all parties involved.

Trump also warned China against any retaliation, saying if Beijing retaliated this time, the USA would impose further tariffs on another $267 billion worth of products virtually covering nearly all Chinese exports to the United States totalling about $522.9 billion. Customers, he mused, will take the place of factories and enterprises to become trade's new driving force.

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