Trump escalates attack on Amazon, focussing on tax, shipping

Trump escalates attack on Amazon, focussing on tax, shipping

That being said, on Wednesday Amazon shed more than $30 billion USA of market capitalization following a report that the company may be in the crosshairs of the Trump Administration.

Amazon's stock has tumbled 9.2% amid a three-session losing streak, weighed by President Trump's criticism of the company.

His online barrage came the morning after a report by Axios said he was ready to "go after Amazon".

Trump wrote that Amazon pays "little or no taxes to state & local governments".

Read Friday's Arkansas Democrat-Gazette for full details.

"The whole post office thing, that's very much a perception he has.It's been explained to him in multiple meetings that his perception is inaccurate and that the post office actually makes a ton of money from Amazon".

Amazon owns a fleet of planes for delivery and uses the U.S. Postal Service as the last step to get its products locally to its millions of customers.

However, Amazon does pay taxes - 412 million Dollars in 2016, for instance, according to the company's report to the Securities and Exchange Commission, reported the New York Times.

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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.

To his credit, Trump has voiced his "concerns" with Amazon for years, as he said on Thursday.

"Not only do Amazon packages cover their own costs", a source involved with the partnership told Benzinga, "but they help keep the overall service alive".

Amazon has already waded into the financial service waters with Amazon Cash, which lets shoppers add physical cash to their Amazon account by visiting brick-and-mortar stores. The stock fell nearly 4 percent at the open on Thursday.

There's no word yet on when Amazon's checking accounts would go live, but we'll keep you posted.

Deliveries for Amazon and other online retailers are the fastest-growing part of USPS' business, helping offset a sharp decline in regular first-class mail. He reportedly did not have any concrete plans for regulation, and after the report, press secretary Sarah Huckabee Sanders said the administration did not have any policy changes to announce.

BofAML believes Amazon is a "well-liked consumer brand, and any pressure would be met with some consumer resistance". While consumption habits, the over-supply of malls and megastores like Walmart played a role, so did e-commerce.

Like other major publications, Trump has said the Washington Post publishes "fake news" in order to hurt his presidency.

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