International CEO Slams US Protectionism Stance Against China, the second largest eCommerce company in China — second only to Alibaba — railed against the U.S. on Wednesday (Jan.24), arguing the stance of protectionism the government has embraced under Donald Trump will ultimately backfire.

According to news from Reuters, Chairman and Chief Executive Richard Liu stated at the World Economic Forum, currently being held in Davos-Klosters, Switzerland, that: “Many friends from other countries discuss protectionism in China, but I think things have completely reversed. One day it will hurt the U.S. economy too.”

The comments come in the wake of a decision by the U.S. government to place large tariffs on washing machines and solar panels entering the country. President Donald Trump said the import tariffs are designed to preserve U.S. jobs but prompted expressions of unhappiness on the part of China and South Korea. The U.S. government also recently rejected China’s Ant Financial acquisition proposal for MoneyGram International, a U.S. company, claiming national security concerns.

Liu said during the World Economic Forum that while wants to become the leader over Alibaba domestically and outside China, making a push into the U.S. has become increasingly difficult. is focusing for now on the Southeast Asian market and will look to grow partly via acquisitions.

“It’s hard to use only one model. In Southeast Asia, we look for local partners to develop business, but we don’t want to exclude acquisitions,” Liu said, according to Reuters.

While Alibaba is viewed as a rival, has done business with Tencent, the Chinese internet company. In late December of 2017, took part in an investment round in Vishop, an apparel platform in China. Tencent led the $863 million round of fundraising, with investing $259 million for a 5.5 percent stake.



The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.