Amazon stock tumbles on report Trump wants 'to go after' the firm

Amazon stocks is sharply lower on Wednesday after Axios reported that Trump wants to "go after" the online giant, with one source describing the US president as "obsessed".

It's not the first time that there are reports of Trump's displeasure with Amazon. Trump tweeted in August 2017 that the company was hurting to tax-paying traditional retailers.

There has also been talk in the past that the current administration might be tempted to try and alter the firm’s tax treatment, with Treasury Secretary Steven Mnuchin having said in July that officials might take a position soon on the internet giant's tax collection policy.

Axios' source said: "He’s wondered aloud if there may be any way to go after Amazon with antitrust or competition law."

Also according to Axios, the president is determined to find some way to hurt the company. He is reportedly "worried about mom-and-pop retailers being put out of business," and thinks "Amazon is killing shopping malls and brick-and-mortar retailers and has gotten a free ride from taxpayers and cushy treatment from the U.S. Postal Service."

Trump has been very critical with the Washington Post’s coverage of him while lambasting its owner Jeff Bezos, who also owns Amazon, for evading taxes.

According to past claims from Trump, Bezos uses his power with the Washington Post to control politicians so Amazon doesn’t get taxed as much as it should.

In an interview with Sean Hannity in 2016 he said: "The Washington Post is owned as a toy by Jeff Bezos, who controls Amazon. Amazon is getting away with murder, tax-wise. He’s using the Washington Post for power. So that the politicians in Washington don’t tax Amazon like they should be taxed.

"And what they’ve done is he bought this paper for practically nothing. And he’s using that as a tool for political power against me and against other people. And I’ll tell you what: We can’t let him get away with it."