US treasury secretary says Amazon “destroyed the retail industry across the United States”

Ben StevensIndustry News

The US treasury secretary Steven Mnuchin has blamed Amazon for the country’s declining retail sector, alleging that the company “destroyed the retail industry across the United States”.

Speaking to CNBC, Mnuchin hailed the Department of Justice’s (DOJ) announcement that it was to launch an antitrust inquiry into the practice of big tech firms including Amazon, and whether they were hindering competition.

“If you look at Amazon, although they’re certain benefits to it, they’ve destroyed the retail industry across the United States,” he said.

READ MORE: DOJ launches major antitrust investigation into “some retail services online” including Amazon

“I don’t have an opinion other than I think it’s absolutely right the attorney general is looking into these issues and I look forward to listening to his recommendations to the president.”

President Donald Trump has not been shy in making his disdain for Amazon, its founder Jeff Bezos known publicly. Bezos also owns the Washington Post, which is frequently critical of the Trump administration.

Amazon has responded to Mnuchin’s remarks stating: “Today, independent sellers make up more than 58% of physical gross merchandise sales on Amazon, and their sales have grown twice as fast as our own, totalling $160 billion in 2018.”

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Ben StevensIndustry News

2 Comments. Leave new

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Stephen mccall
July 25, 2019 12:15 pm

Competition for Amazon will only come from them being force to pay the same tax as other companies. As of now they rely on paying less tax and making traders pay most of the costs. Most people on low income use Amazon not because they are liked but because they can afford the products.

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Phillon Morris
July 26, 2019 3:40 pm

Stephen McCall, I agree with your comments. I would also like to add that Amazon are now with Amazon opening Bricks and Mortar stores across the UK, they are “skimming the cream off the top” guaranteeing their base line on their profit line by taking on suppliers that can guarantee £1m+ a year. If their competitors “AliExpress” takes off over here, then it will be more of a problem as they are generally more affordable.

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