He said: "A lot of people have made this, with respect to Amazon, about personalities and the CEO at Amazon - we're talking about Jeff Bezos here". Axios is reporting that Trump wants to "go after" e-commerce giant Amazon.
The Amazon logo is seen at the Young Entrepreneurs fair in Paris, France, February 10, 2018. After the Axios report was published, the value of Amazon shares plummeted. Shares dipped more than 4 percent, while falling an additional 3.8 percent earlier Thursday morning.
Amazon is one of the so-called FANG stocks that lead the technology sector: Facebook Inc., Amazon, Netflix Inc. and Google, now part of Alphabet Inc.
Amazon thus far has not responded publicly to the president's charges. Facebook's stock has plummeted about 20% since February 1.
It's true that a growing number of retail chains have closed stores, scaled back operations or filed for bankruptcy reorganization in recent years, partly due to their inability to keep pace with consumers' shift toward more Internet shopping.
Bezos is also the owner of the Washington Post, a frequent target of Trump over its news coverage.
"The president has talked about the need to have tax parity between online retailers and brick-and-mortar retailers", White House spokesman Raj Shah said on Fox News on Thursday.
Shah reiterated that Trump was not making specific policy changes.
"I have my concerns with Amazon long before the Election".
And today Trump admitted in a tweet his concerns over the internet retail giant and its impact on traditional retail businesses.
Amazon also pays local property taxes on its distribution centers as well as on the Whole Foods stores it purchased a year ago.
The Trump administration has urged the U.S. Supreme Court to let state and local governments collect billions of dollars in sales taxes from online retailers. The institutional investor held 7,125 shares of the consumer services company at the end of 2017Q4, valued at $8.33 million, up from 5,803 at the end of the previous reported quarter.
Amazon now collects sales taxes across the country in states that have a sales tax and where Amazon has a physical presence with distribution centers or other facilities, such as California. Amazon has said it's up to the sellers to collect any taxes and many don't. Because of the company's extremely high share of the online sales market, the government might be able to argue that third-party sales must be regulated, but Post also notes that Amazon's retail margins remain low, which might hurt the argument.
It's not clear how much revenue the Postal Service generates from shipping Amazon packages, but parcel delivery is actually one of the few areas of growth for the money-losing public-private agency. "Should be charging MUCH MORE!" he tweeted.
Legally pursuing Amazon could affect more than its share price, which was largely steady after Trump's tweet. Amazon released a statement in 2017 that said, "The Postal Regulatory Commission has consistently found that Amazon's contracts with the USPS are profitable", Fortune reported.