President Trump tweets about 'concerns' over Amazon, erasing premarket gains

President Donald Trump tweeted early Thursday about his "concerns" that e-commerce giant Amazon.com Inc. AMZN, -1.65% isn't paying its fair share of taxes and is hurting the U.S. Postal Service, erasing the company's premarket gains. The stock was up as much as 1.6% before the tweet, later declining as much as 0.8%. Amazon shares tumbled 4.4% on Wednesday after a report that Trump was set to go after it, though White House spokeswoman Sarah Sanders later said the administration had no specific policies or actions under consideration. "I have stated my concerns with Amazon long before the Election," Trump tweeted Thursday. "Unlike others, they pay little or no taxes to state & local governments, use our Postal System as their Delivery Boy (causing tremendous loss to the U.S.), and are putting many thousands of retailers out of business!" The post office told MarketWatch it had no comment on the matter. A New York Times report published over the weekend said Amazon is "collecting sales tax in every state that has one," though the same may not be said for taxes by every local government at every level. And an Axios report published Wednesday quoted sources as saying the president continued to complain that Amazon is taking advantage of the USPS despite the fact that it has "been explained to him in multiple meetings that his perception is inaccurate and that the post office actually makes a ton of money from Amazon." Shares of Amazon are up 63.7% for the past year while the S&P 500 index SPX, -0.46% is up 10.3% for the period. (Additional reporting by Emma Court and Tomi Kilgore.)