Retail

Amazon’s share price savaged after reports Trump is “obsessed” with how the retailer is hurting small business

Caleb Triscari /

Amazon has lost close to $US55 billion off its market value overnight after a massive selloff was prompted by a report suggesting US President Donald Trump may look into whether the government can “go after” the retail giant using anti-trust or competition laws.

US technology and politics site Axios reported yesterday that sources close to President Trump say he is considering going after Amazon on tax grounds, with the belief that smaller, family-run businesses simply can’t compete with the retail giant.

A source that spoke to Axios said “[Trump has] wondered aloud if there may be any way to go after Amazon with antitrust or competition law”.

The article then said Trump’s allies in the real estate sector are telling him Amazon is wiping out bricks-and-mortar retailers and shopping malls, a point which he agrees with.

Amazon’s share price subsequently dropped by 5% following the article on how Trump is “obsessed” with the retail giant, reportedly losing $US53 billion ($69.2 billion) in market value.

Bloomberg has since reported the US government is not considering any policy changes that will influence how the retailer pays tax.

We have no announcements and no specific policies or actions that we’re currently pushing forward or considering taking,” White House press secretary Sarah Sanders said in a briefing.

“The president has said many times before he’s always looking to create a level playing field for all businesses and this no different and he’s going to always look at different ways, but there aren’t any specific policies on the table at this time.”

NOW READ: Amazon’s warehouses are complete chaos, but its disorganisation speeds up delivery

Advertisement
Caleb Triscari

Caleb Triscari is a former SmartCompany subeditor.

We Recommend

FROM AROUND THE WEB