Alibaba (BABA) - Get Alibaba Group Holding Ltd. Sponsored ADR Report 's vice chairman Joe Tsai downplayed the threat of tariffs on the e-commerce giant.
"Alibaba's business is focused on capturing the Chinese domestic consumption opportunity and less reliant on Chinese exports. We believe that Chinese government policy will continue to support imports into China to satisfy the rising demand of Chinese consumers," Tsai said in prepared remarks delivered at the start of the call.
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"The impact of these tariffs is going to hit the Chinese people very, very hard," according to TheStreet's founder and
Portfolio Manager Jim Cramer.