Amazon

Trump Says Amazon Does ‘Great Damage’ to Retailers

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Written by Dave B

 

U.S. President Donald Trump once again unloaded on Amazon.com Inc., tweeting that the company is hurting other retailers and implying that it’s killing industry jobs across the U.S.

Amazon is causing “great damage to tax paying retailers,” Trump said in a Twitter post Wednesday, causing shares in the online retailer to fall.

“Towns, cities and states throughout the U.S. are being hurt – many jobs being lost!” Trump said in the tweet.

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Trump’s reference to “great damage” echoes chatter in Washington and academic circles that Amazon and other technology companies may have become too big and powerful. Apple Inc. Alphabet Inc., Microsoft Corp., Facebook Inc. and Amazon are the biggest companies in the world by market cap and dominate many facets of everyday life. Some critics have even suggested that they should be broken up.

During the presidential campaign, Trump claimed Amazon was a monopoly that he would go after for antitrust violations if he were elected. Amazon takes about 70 percent of all e-book sales and 30 percent of all U.S. e-commerce. “Believe me, if I become president, do they have problems. They’re going to have such problems,” Trump said in February 2016. In the U.S. it isn’t illegal to have a large market share.

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Dave B

Thanks for stopping by and visiting! No intervention needed, this is a good and healthy addiction. Come along for the ride and hopefully you can learn from us!

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