TRUMP: Amazon Undercuts Competition

President Donald TrumpPresident Donald Trump (AP Photo/Evan Vucci, File)

U.S. President Donald Trump is criticizing e-commerce giant Amazon, stating that Amazon pays little tax revenue and undercuts traditional retail businesses.

 

On Twitter, President Trump writes that he’s expressed concern about
Amazon’s role long before he was elected president, TWEETING:
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!
4:57 AM – 29 Mar 2018

President Trump assailed Amazon, accusing the online retail giant of paying “little or no taxes to state & local governments,” while taking advantage of the United States Postal Service; “causing tremendous loss to the U.S.”

The remarks followed reports that President Trump had expressed interest in reining in the company. Amazon’s stock price dropped Thursday after the president’s comments, falling over 4% after website Axios wrote that Trump is considering using anti-competition laws against Amazon.

Amazon’s latest annual report to the Securities and Exchange Commission shows in 2017, Amazon paid $957M income taxes, previously paying $412M in 2016,$273M in 2015 and $177M in 2014.

Shares of Amazon are up 63.7% for the past year.

 

© NTB Scanpix / #Norway Today

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