"This commitment is based on friendly China-U.S. cooperation and the rational and objective premise of bilateral trade", Ma told Xinhua.
The day before, Trump had slapped a 10 percent tariff on about $200 billion worth of Chinese imports and threatened to impose duties on an additional $267 billion.
"That premise no longer exists today, so our promise can not be fulfilled", he told Chinese news site Xinhua yesterday. It's not a trade war. Earlier on Tuesday, China had retaliated by slapping tariffs on Dollars 60 billion of American products and its state council announced that the new tariffs would be imposed at rates of 5% or 10%, depending upon the product from the same date. "We have visited a lot of countries and regions and find opportunities are everywhere".
"I'm just 54, and I still have at least 16 years to do something new", Ma told Xinhua.
Ma, the cofounder of Alibaba, announced in early September that he would step down from his role as chairman at the end of the year to focus on philanthropy.
A spokeswoman for Alibaba, China's biggest e-commerce company, confirmed Ma's comments to CNN.
At Alibaba's annual investor event on Tuesday in Hangzhou, Ma warned that the trade friction between the U.S. and China will be a protracted affair because it is about two countries competing with each other.
"You may win the battle, but you lose the war", Ma said at the shareholder event in Hangzhou. "Otherwise we will never choose the name Alibaba, we'd choose another insane Chinese name that people don't understand".
Alibaba's new chip subsidiary will reportedly also be used to develop embedded chipsets to support the company's IoT and cloud businesses.