Published: Wed, April 04, 2018
Money | By Armando Alvarado

Trump's Criticism of Amazon Is Taking a Toll

Trump's Criticism of Amazon Is Taking a Toll

He accused the firm of causing a "tremendous loss" to the United States government and "putting many thousands of retailers out of business".

Amazon's stock is tumbling-it slid 4% on Wednesday, which translates to a loss of $53 billion, reports Gizmodo-and the slide was continuing on Thursday.

And it's not just centered on retail: Trump has also targeted Bezos' ownership of The Washington Post, one of several news outlets he has accused of being unfair to the current White House administration. But Trump has remained belligerent about Bezos, who also has media interests that he considers pedlars of "fake news".

President Donald Trump has a long history of attacking Amazon-and Thursday morning was no different.

Sources who have spoken to Trump allege that "he's obsessed with Amazon", according to the Axios report, despite public outcry over the recent scandal surrounding Facebook's privacy practices.

Trump's criticism of Amazon's tax arrangements centers on products sold by third-party firms using its platform, on which it collects no taxes if they are coming from out-of-state retailers.

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Addressing the Axios report, White House spokeswoman Sarah Sanders explained that Trump's government is always looking for ways to make business fairer for everyone. The Supreme Court will hear arguments this year over whether all states can require online to collect sales tax from consumers. "Number one, I am a businessman, and that's the way you are supposed to do it - and you put the money back in your company and employees and all of that".

This notion was hinted at in August 2017, when the president said Amazon was "doing great damage to tax paying retailers" and causing "many jobs" to be lost.

A tweet by the president about Amazon - a company he also criticised while on the campaign trail - renewed concerns that the online giant could face scrutiny by antitrust regulators.

The Trump administration has urged the USA supreme court to let state and local governments collect billions of dollars in sales taxes from online retailers. Amazon does not hold a stake in the Washington Post.

"This analysis reveals that in seven states (Alabama, Alaska, Idaho, Iowa, Mississippi, New Mexico, and Pennsylvania), Amazon is either not collecting local taxes or is charging a lower tax rate than local retailers", the ITEP found by entering dozens of shipping addresses into Amazon's website.

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