Stocks go on Wild Ride as Trump derides Amazon for its effect on small retailers
President Donald Trump has tweeted his displeasure over the cumulative affect Amazon’s mail-order merchandising has had on small business in America. The gigantic online retailer has changed the way America shops for every-day merchandise, from food products to electronics, if it is available anywhere online, Amazon has a way to distribute it.
The convenience of one-click shopping versus consumers having to make a special trip has reduced foot-traffic, and sales numbers for most small retailers across the country. The effect on small business also effects local governments who rely on collected sales-taxes to fund local government services, from police and fire to road maintenance, infrastructure and other essential services.
Trump tweeted his displeasure with Amazon’s bully tactics, saying “Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt – many jobs being lost!”
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