Finance


Jonathan Ernst | Reuters

President Donald Trump delivers remarks on the U.S. opioid crisis, at Manchester Community College in Manchester, New Hampshire, March 19, 2018.

Amazon shares fell nearly 2 in the premarket Monday after President Donald Trump attacked the company from his Twitter account.

The president said via Twitter on Saturday that Amazon was scamming the U.S. Postal Service, adding the service loses “billions of dollars” delivering packages for the e-commerce giant.

This marks Trump’s second direct attack on Amazon in less than a week. Last week, Trump tweeted that Amazon was using the Post Office as its “delivery boy.” He also said: “I have stated my concerns with Amazon long before the Election.”

But some would argue Amazon has been good for the Post Office. In fiscal year 2017, the Post Office’s revenue rose 12 percent after a poor financial performance for more than a decade.

This follows a report from Axios on Wednesday that said Trump was “obsessed” with going after Amazon and wanted to change the e-commerce giant’s tax treatment. The report said that several of Trump’s friends told him Amazon is hurting their businesses and “killing shopping malls and brick-and-mortar retailers.”

Amazon shares lost nearly 4 percent last week but are still up 23.8 percent year to date.



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