"The promise was made on the premise of friendly US-China partnership and rational trade relations", Ma said.
Trump on Monday imposed 10 per cent tariffs on about $200-billion worth of imports from China, and threatened duties on about $267-billion more if China retaliated.
"Trade is not a weapon and can not be used for wars", he added. "That premise no longer exists today, so our promise can not be fulfilled".
China placed tariffs on about $60 billion worth of US products the next day as previously planned, though it reduced the size of the tariffs.
"We should work more in Africa, SEA (South East Asia), Europe", he said.
He said Alibaba has always worked towards the goal of "making it easy and fun to do business".
Ma, expected to step down as Alibaba chairman in a year, predicted on Tuesday that trade frictions would lead to "a mess" for all parties involved. "But if there is no trade between China, the 1 million jobs will be gone too".
Ma has previously been critical of the protectionist moves from the Trump administration and said Wednesday that trade should not be used as a weapon, but rather as a way to bring peace between countries. Even if Trump retires and the next president comes in, the conflict will continue, he said. "This kind of thing happens, it's very natural".
Ma said trade tensions would likely impact Chinese and foreign companies immediately and negatively. "Otherwise we will never choose the name Alibaba, we'd choose another insane Chinese name that people don't understand". With both the United States and China going for broke on tariffs, Alibaba could very well be caught in the crossfire.