U.S. Treasury Secretary Steven Mnuchin said on Wednesday that online giant Amazo...
FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin attends a working session during the G7 finance ministers and central bank governors meeting in Chantilly, near Paris, France, July 17, 2019. Ian Langsdon/Pool via REUTERS
WASHINGTON - U.S. Treasury Secretary Steven Mnuchin said on Wednesday that online giant Amazon.com Inc “destroyed the retail industry across the United States.” Mnuchin said he looked forward to hearing the results of a Justice Department probe, announced on Tuesday, into whether big U.S. technology firms engage in anticompetitive practices, the strongest sign yet that the Trump administration is stepping up its scrutiny of Big Tech.
“If you look at Amazon, although they’re certain benefits to it, they’ve destroyed the retail industry across the United States,” Mnuchin told CNBC. “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.
A Justice Department spokesman declined to say on Tuesday which companies it would scrutinize under the antitrust probe, but said the review would consider concerns raised about “search, social media, and some retail services online” - an apparent reference to Google, Amazon, Facebook Inc (
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Amazon has 'destroyed the retail industry' so US should look into its practices, Sec. Mnuchin saysThe IMF trims its economic growth forecast again as the U.S.-China trade war continues, Brexit worries linger and inflation remains muted.
Read more »
Mnuchin lays into Amazon, says it ‘destroyed’ the retail industry, hurt small businessesU.S. Secretary Treasury Steven Mnuchin voiced his support for a new antitrust investigation into large U.S. tech firms, taking particular aim at Amazon.
Read more »
U.S. housing, manufacturing sectors mired in weaknessSales of new U.S. single-family homes rebounded sharply in June, but sales for t...
Read more »
US sanctions squeeze Iran middle class, upend housing sectorIran's large middle class has been hit hard by the fallout from unprecedented U.S. sanctions, including the collapse of the national currency. Perhaps most devastating has been the doubling of housing prices.
Read more »
Amazon looks ready for a 40% rally, says market watcherIn advance of Amazon's earnings report on Thursday, Craig Johnson says the stock chart is pointing to big gains. Mark Tepper also likes the stock.
Read more »