Wednesday, 20 November, 2019


Amazon's stock always recovers after a Trump tweet makes it fall

Amazon's stock always recovers after a Trump tweet makes it fall Amazon's stock always recovers after a Trump tweet makes it fall
Hannah Rogers | 05 April, 2018, 14:31

The tweet was posted after Axios reported that Mr. Trump wants to rein in the e-commerce giant by changing Amazon's tax treatment or to go after the company for alleged antitrust violations. But it recovered most of its loss during the morning trading session and was trading 0.6 percent lower.

President Trump escalated his attack on Amazon on Thursday, alleging the retail and cloud-hosting behemoth shortchanges taxpayers and attacking its use of the US Postal Service and its impact on traditional retailers.

In his latest Twitter rant on Thursday, Trump accused the mega online retailer of allegedly not paying its share of taxes and putting smaller retail stores out of business.

But more recently, a number of alternative banking products have arrived for teenaged users, like Current, which ties into a chore-and-allowance system parents set up in an app, and Greenlight, whose "kids" debit card works both inside and outside the U.S. There's also a host of millennial-flavored investing products on the market that help younger users learn to save, tuck away their digital loose change by rounding up purchases, or teach users how to invest.

White House Press Secretary Sarah Huckabee Sanders spoke about Trump's plans of leveling the "playing field" on Wednesday.

Trump could amend the USA tax system to make companies like Amazon pay more tax.

In 2015, Trump said that Amazon would tank if it ever had to pay "fair" taxes.

Trump's claim that Amazon uses the postal service as the company's "Delivery Boy" is also off the mark.

President-elect Donald Trump speaks during a meeting with technology industry leaders at Trump Tower in New York, Wednesday, Dec. 14, 2016.

Mr Trump's charge that Amazon causes the United States Postal Service (USPS) to lose money is unsubstantiated. "Right now there is no Internet sales tax", Shah said.

The relationship between Amazon and the USPS is reviewed annually by the Postal Regulatory Commission, which approves costs and pricing.

Amazon did not immediately respond to PCMag's request for comment.

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 U.S. companies, including Amazon, in a bid to raise more corporation tax from the companies. Amazon does not have to collect taxes on third-party or marketplace sellers. Some "localities, however, are not collecting tax from out-of-state or even out-of-town businesses because of problematic restrictions in state or local law". But it's not Amazon's fault: Citigroup a year ago reported that the average parcel rate would need to increase by about 50% for the Postal Service to break even. Should Amazon and other services be forced to collect sales taxes on those sellers' transactions, it would likely make Amazon's own inventory look better price-wise and hurt rivals such as eBay, he said in a note to investors Thursday.

Trump has targeted Amazon for other reasons in the past: its founder and CEO Jeff Bezos personally owns The Washington Post, and Trump has called the newspaper "fake news" and a "guardian of Amazon" after it published unfavorable stories about him or his administration.

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