Reuters
- US Treasury Secretary Steve Mnuchin told CNBC on Wednesday that Amazon had "destroyed" the US retail industry.
- The comments followed the Justice Department's Tuesday announcement that it had begun an investigation into whether "market-leading online platforms" harmfully weaken competition.
- It's believed the investigation will focus on Amazon, Google, and Facebook, among other tech companies.
- Watch Amazon trade live here.
US Treasury Secretary Steve Mnuchin criticized Amazon on Wednesday, saying during a CNBC interview that the e-commerce giant had "destroyed" America's retail industry.
"If you look at Amazon, although there are certain benefits to it, they've destroyed the retail industry across the United States, so there's no question they've limited competition," Mnuchin said.
The comments followed the Justice Department's announcement on Tuesday that it had launched an investigation into whether a handful of "market-leading online platforms" unlawfully dominate their respective sectors. It's widely believed the companies under investigation include Amazon, Facebook, and Google's parent, Alphabet.
"There's areas where they've really hurt small businesses, so I don't think this is a one-size-fits-all," Mnuchin said of Amazon. "And I don't have an opinion going in other than I think it's absolutely right that the attorney general is looking into these issues, and I look forward to listening to his recommendations to the president."
The investigation is separate from potential antitrust inquiries involving tech giants including Apple, Google, and Facebook.
Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.
The nation's tech conglomerates are under attack from not only the Trump administration, but a potential successor. Several Democratic presidential candidates have said that such companies have harmful monopolies. Sen. Elizabeth Warren was the first to release a detailed plan for how she would split up large tech companies to boost competition.
Amazon's stock was down roughly 0.3% as of 1 p.m. ET on Wednesday. Shares are up about 33% year-to-date.
Now read more markets coverage from Markets Insider and Business Insider:
Mnuchin says 'a lot of issues' remain ahead of US-China trade talks next week
Caterpillar drops after disappointing earnings signal a slowdown in China
Netflix's new $3 plan in India is evidence of tough competition from rivals like Amazon and Hotstar
Next Story
US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
2 states where home prices are falling because there are too many houses and not enough buyers
A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
Markets rebound in early trade amid global rally, buying in ICICI Bank and Reliance
Women in Leadership
Rupee declines 5 paise to 83.43 against US dollar in early trade
Election Commission issues notification for sixth phase of Lok Sabha polls
6 Coffee recipes you should try this summer
