Amazon is responsible for a huge chunk of the Trump rally
- Author: Eleanor Harrison Apr 05, 2018,
Apr 05, 2018, 0:23
Trump also wants to change Amazon's tax treatment, the Axios report said, an issue the president raised publicly past year when he called for an Internet tax for online retailers, even though Amazon already collects sales tax on items it sells direct to customers.
Last year, he claimed that Amazon is causing "great damage to tax paying retailers" and that "many jobs" will be impacted in "towns, cities and states throughout the US".
Despite the White House insisting that there are no plans to act against Amazon imminently, the United States president on Thursday reiterated his stance that the online retailer had an unfair advantage over its brick-and-mortar competitors - and didn't pay its fair share in tax.
On Wednesday, Amazon's stock closed 4.38 percent down at $1,431.42 per share.
Like other major publications, Trump has said the Washington Post publishes "fake news" in order to hurt his presidency. The Post is owned by Bezos personally, not by Amazon.
After all, as ABC News social media editor Evan McMurry was quick to point out, Trump wasn't always so negative about Amazon in the past.
He's also eyeing Amazon as retaliation against Bezos, who he says wields the newspaper against him like a weapon. "(Bezos is) using the Washington Post for power", Trump said in a May 2016 interview with conservative talk show host Sean Hannity.
White House Deputy Press Secretary Raj Shah denied on Thursday that Mr Trump's criticism was a personal grudge. As a result, he sees Trump's latest tweet as nothing more than a distraction that's been amplified by what's happening to Facebook. "Towns, cities and states throughout the US are being hurt - many jobs being lost!"
The company's market value plunged $53bn on Wednesday after Axios reported that Trump wants to impose further regulations on the company.
With attacks escalating on Amazon.com (AMZN) from President Trump, is the e-commerce leader's once-resilient stock showing signs of cracking? If the third-party seller is based in another state, Amazon does not collect state taxes - except in two states: Washington and Pennsylvania(CNBC).
Numerous people who take to social media to complain about Amazon don't have much of an impact on the company's overall business. But a sales tax often is not collected on purchases made from third-party sellers that appear on Amazon's website, and critics contend that gives the web platform a price edge over other retailers that are required to collect a sales tax. In a similar fashion, Amazon's shares consequently dipped.
On Thursday, Trump was up early and throwing punches at online behemoth Amazon, which is led by Chief Executive Jeff Bezos, who according to Forbes is worth $112 billion.