Trump plans to go after Amazon, which he had the forefront in his mind as a problem in the business world. He plans to use antitrust or competition laws which protect consumers from predatory business practices by ensuring that fair competition exists in an open-market economy.
“Trump’s obsessed with Amazon,” a source said. “Obsessed.”
The source added, “He is talking about changing the company’s tax treatment because he’s worried about ‘mom-and-pop’ shops being put out of business”.
Reports said that Trump’s friends fueled him to ire towards the company. His friends complain that Amazon is decimating their businesses and springs the decline of various shopping malls and brick-and-mortar storefronts.
A source said that the POTUS wondered aloud if there may be any way to go after Amazon with antitrust or competition law.
On the contrary, the White House denied there were currently any plans to target the company. “The president has said many times before he’s always looking to create a level playing field for all businesses and this is no different,” a spokeswoman on the White House said.
The POTUS’ obsession with the company doesn’t ring a bell anymore. In his 2016 speech, the POTUS said Amazon would “have such problems” if he were elected president. Also, at a White House dinner in July 2017, he attempted to get billionaire investor Leon Cooperman to claim that Amazon is a monopoly.
Trump’s focus on Amazon is a total diversion from the rest of the White House’s focus on Facebook; regarding the company’s issues about data privacy on their users. Another indication of Trump’s disinterest in Facebook comes from the absence of his comment regarding Facebook.
The POTUS said he doesn’t mind Facebook because it helps him reach his audience.
The National Association of Securities Dealers Automated Quotations (NASDAQ) index slips at 0.85% or almost 60 points to 6,949.2 on Wednesday, driven by declines in firms such as Amazon, Tesla, and Broadcom.
Amazon shares on Wednesday dropped by 4.4%, continuing Tuesday’s slide. The firm’s stock is still up more than 60% from a year ago.
Recent interviews of Trump made investors scared. The company lost as much as 7.5%, or $US53 billion.
All in all, the firm managed to moderate its losses to 4.4%, or about $US30 billion. It was the fifth-worst performing stock on the Standard & Poor’s 500 (S&P 500).
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