Every few days we hear of a company bringing jobs back to America — ones Trump can take credit for in some way. – Whether it’s due to negotiating with Trump directly — as was the case with Carrier — or the company citing Trump’s expected tax policies as a reason for the move.The companies on record giving Trump credit for investments they have planned in the US are Japanese SoftBank, Dow Chemical, and IBM, among others.
The latest Trump deal is the biggest yet, and is expected to bring more jobs to the U.S. than any of the aforementioned companies combined. It even comes from an unexpected source: China.As Business Insider reported:
Jack Ma, the founder and chairman of Alibaba Group, met with President-elect Donald Trump at Trump Tower on Monday, January 9. Ma and Trump met with reporters briefly after the meeting and said they discussed plans to create one million US jobs by allowing small and medium-sized businesses to sell to China through the company’s platforms.
For anyone unfamiliar with the company, Alibaba is China’s equivalent of “Amazon.com.” As of today, the company boasts a market value of $234 billion.“$BABA wants to create US jobs by helping US small businesses and farmers sell to China’s 300 million-strong middle class,” said a tweet from Alibaba.
“We had a great meeting.” Trump told reporters. “[Ma is] a great, great entrepreneur, one of the best in the world. He loves this country and he loves China.”
— Alibaba Group (@AlibabaGroup) January 9, 2017
Following news of the meeting, Alibaba stock rallied and is up just over 1.26% as of 12:20 p.m. ET. It had been trading in the red up until the announcement.
We can only wonder if there’s a populist in China right now complaining that Trump is ripping them off on trade.
[Note: This post was authored by Matt Palumbo. Follow him on Twitter @MattPalumbo12]