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Trump Attacks Amazon
The always demure US President Donald Trump has launched a tirade of Twitter attacks aimed at Amazon, rocking the NYSE.
President Trump being President Trump has launched an unprecedented attack against Amazon and its founder and CEO, Jeff Bezos. The crux of Trump’s logic in going after the world’s biggest online retailer is that Amazon is draining cash from the US Postal Service.
Trump accuses Amazon of costing the US Postal Service $1.50 for every parcel sent, representing “many billions of dollars” and then, incorrectly, “bourne by the American taxpayer”. The US Postal Service is self-funded by its commercial activities including parcel deliveries, not a taxpayer-funded model.
I am right about Amazon costing the United States Post Office massive amounts of money for being their Delivery Boy. Amazon should pay these costs (plus) and not have them bourne by the American Taxpayer. Many billions of dollars. P.O. leaders don’t have a clue (or do they?)!
— Donald J. Trump (@realDonaldTrump) April 3, 2018
Trump’s real beef, however, is personal with Jeff Bezos, owner of the Washington Post, which Trump casts as “fake news” along with CNN, the New York Times and any media that doesn’t fawn over him (now we can add Power Retail to the mix – life achievement unlocked).
However, the danger with Trump’s manic social media attacks lies in negatively impacting the Amazon share price, which suffered losses following the attacks and Trump’s call to enforce higher delivery prices for Amazon.
That, plus China’s retaliation to Trump’s tariffs on Chines imports with its own set of tariffs on US products, has sent shockwaves through all markets around the globe. Trump has famously clung to stock market rises over the past six months as being entirely of his doing – we doubt he’ll be laying claim to the same as the markets reverse course at an alarming rate.