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13.02.2019 16:31

Alibaba co-founder: The US trade deficit with China 'will reverse' in the long term

The "structural issue" of the United States' trade gap with China will reverse itself as the Chinese ramp up imports, Alibaba co-founder Joseph Tsai told CNBC.

The trade deficit will shrink once the Chinese government begins purchasing $40 trillion worth of goods as promised over the next 15 years, he said. Even though President Trump placed tariffs on imports in part to close the deficit, China's surplus topped $323 billion in 2018, the highest since 2006.

"With regards to the trade war, I would say this … if you look at the long term, the trade deficit itself will reverse," he said. "I talk about [the] 300 million middle-class consumers that will continue to buy more from all over the world."

China's economy is being powered by consumers, he said, and the Chinese middle-class consumer base could nearly triple by 2030.


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