Amazon's valuation took a tumble this week after a report claiming that US President Donald Trump thinks the retail giant has become too dominant - implying that the administration might be planning to implement measures to cut it down to size.
And today Trump admitted in a tweet his concerns over the internet retail giant and its impact on traditional retail businesses.
"I have my concerns with Amazon long before the Election. Unlike others, they pay little or no taxes to state & local governments, use our postal system as their Delivery Boy (causing tremendous loss to the US), and are putting many thousands of retailers out of business!" he tweeted.
That tweet had followed a report on US news site Axios claiming that Trump was less concerned with Facebook than he was with Amazon.
The report claims that Trump wants to use antitrust laws to keep Amazon in check and to put a stop to its monopolised outlook of business.
I have stated my concerns with Amazon long before the Election. Unlike others, they pay little or no taxes to state & local governments, use our Postal System as their Delivery Boy (causing tremendous loss to the U.S.), and are putting many thousands of retailers out of business!— Donald J. Trump (@realDonaldTrump) 29 March 2018
Trump's administration is currently drawing up plans to "go after the firm" and to protect traditional brick-and-mortar stores. Trump has already spoken to five leading figures about the situation, claimed Axios.
Shortly after the write-up went live yesterday, shares in the company fell by as much as five per cent - representing a sum of $30 billion sliced of the company's market capitalisation.
Trump could amend the US tax system to make companies like Amazon pay more tax. The President has been vocal about the need for higher tax rates on online retailers in the past.
Last year, he claimed that Amazon is causing "great damage to tax paying retailers" and that "many jobs" will be impacted in "towns, cities and states throughout the US".
Then, in December, he called on the US Postal Service to charge companies, such as Amazon, more for its distribution services.
He wrote on Twitter: "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?".
Addressing the Axios report, White House spokeswoman Sarah Sanders explained that Trump's government is always looking for ways to make business fairer for everyone.
"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," she said.
"He's always going to look at different ways, but there aren't any specific policies on the table at this time."
The claims come just a week after news that the European Union is planning to levy a flat-rate turnover tax on a number of predominantly US companies, including Amazon, in a bid to raise more corporation tax from the companies.
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