Trump: Amazon is a Monopoly
A battle is ensuing between President Trump and online retail behemoth Amazon. He is planning to "go after" the world largest online retailer amid concerns that it is killing off all of it's competitors, most notably mall retailers and mom and pop businesses.
Shares in the US commerce retailer dropped on Thursday wiping out over $30 billion from it's market value, amid reports the president wants to curb the companies growing power.
I have stated my concerns with Amazon long before the Election. Unlike others, they pay little or no taxes to state & local governments, use our Postal System as their Delivery Boy (causing tremendous loss to the U.S.), and are putting many thousands of retailers out of business!— Donald J. Trump (@realDonaldTrump) March 29, 2018
President Trump reportedly thinks the company receives an unfair advantage due to tax breaks from local and state governments. President Trump is planning on changing the tax treatment of the firm by imposing a new internet tax on online retailers.
“The president has said many times before he’s always looking to create a level playing field for all businesses and this is no different,” said White House spokeswoman Sarah Sanders, commenting on the media report. “He’s always going to look at different ways, but there aren’t any specific policies on the table at this time.”
President Trump and Amazon CEO Jeff Bezos are not fans of each other, with the president criticizing him and his company on Twitter and Bezos taking shots at the president through his newspaper The Washington Post.
Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt - many jobs being lost!— Donald J. Trump (@realDonaldTrump) August 16, 2017
President Trump has repeatedly said that Amazon’s business had triggered job losses for middle class Americans, while US Treasury Secretary Steven Mnuchin hinted that the White House might take “a position” on Amazon's tax-collection policy.
On Wednesday, Amazon’s stock closed 4.38 percent down at $1,431.42 per share. Company stock has nearly quadrupled over the last three years, making its founder Jeff Bezos the wealthiest person on the planet.