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President Trump Criticizes Amazon on Twitter
30 March 2018, 09:13 | Hattie Nash
President Trump Criticizes Amazon on Twitter
Trump this week retweeted videos by far-right British politician Jayda Fraser that purported to show Muslims performing violent acts.
On Thursday, President Trump took another shot at Amazon on Twitter, calling out the company for their extremely low tax rate and bemoaning that they "are putting many thousands of retailers out of business".
The tweet comes a day after Axiosreported that the president is "obsessed" with the company, and after Amazon's stock values dipped slightly. Finally, UBS increased their price target on shares of Amazon.com to $1,760.00 and gave the stock a "buy" rating in a report on Friday, March 9th. The President previously stated in a tweet "Why is the United States Post Office, which is losing many billions of dollars a year, while charging Amazon and others so little to deliver their packages, making Amazon richer and the Post Office dumber and poorer?"
In general, these tweets seem to have no lasting effect on Amazon's stock price. Amazon collects sales tax in every state that has one.
Trump has been complaining about Amazon in private, believing the company has become too powerful, another administration official confirmed to Reuters.
The new Amazon "HQ2" could provide an estimated $5 billion in investments and 50,000 new jobs, according to the company.
Amazon has been collecting state and local sales taxes in Texas since 2012, longer than in most states. On April 1, Pennsylvania will become the second state, after Washington earlier this year, where Amazon will collect sales tax on behalf of its sellers. Amazon does not have to collect taxes on third-party sellers using its Marketplace service.
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Kevin Hassett, chairman of the White House Council of Economic Advisers, told Fox Business Network's Stuart Varney that Trump favours a "level playing field between internet venders and mom-and-pop stores", a statement that echoes some of the rhetoric in the forthcoming case. Some estimatessuggest half of Amazon's total sales go through third parties. Its North American sales came to $106 billion previous year, suggesting that it collects billions in sales taxes for various states.
Investors largely waved off concerns about that on Thursday.
"The headline risk for Amazon is likely to continue for as long a President Trump calls the White House home, but we doubt his personal antipathy for Jeff Bezos will translate into actual policy".
Details of Amazon's payments to USPS are not publicly known. USPS declined to comment on Mr Trump's tweet.
An independent agency of the USA federal government, USPS reported a net loss of $2.7 billion for fiscal 2017, largely due to increased costs of retirement benefits.
But his attack on the company, ostensibly in defense of brick-and-mortar retailers, was misleading.
Well, you could try to draw a connection between people buying more of their goods online rather than in stores and then blame Amazon for making it possible.
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