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Home / Business / Amazon has "destroyed the retail", so the US should look at its practice, Sec. Says Mnuchin

Amazon has "destroyed the retail", so the US should look at its practice, Sec. Says Mnuchin



Treasury Secretary Steven Mnuchin said the Justice Department is entitled to investigate Amazon's practice as part of its antitrust review of major technology companies.

"I think that if you look at Amazon, although there are certain benefits to it, they have destroyed retail across the United States, so there is no doubt that they have limited competition," said Mnuchin to CNBC's Squawk Box Wednesday .

"I think it's very good that the prosecutor should look into this. I think that is an important issue, and I look forward to reporting back to the president and hearing his recommendations," Mnuchin said.

On Tuesday, the US Department of Justice said it was opening a broad antitrust review of major technology companies, sending shares in Amazon, Alphabet and Facebook lower in foreign trade. DOJ said it looks at how large online platforms have "gained market power" and how their practices may have "reduced competition, stifled innovation, or otherwise harmed consumers."

Shares of Amazon crossed more than 1

% lower in premarket trading on Wednesday.

"There are areas where [Amazon] really hurt small businesses," said Mnuchin.

In comparison of Amazon with the bookstore Walmart, Mnuchin said the two company's competitive practices are both equal and different. [19659002] "People had concerns about Walmart. Walmart developed a business where small businesses could continue to compete with them," Mnuchin said.

Mnuchin said that it is difficult to clump the so-called FANG shares with regard to competition practices.

19659002] "I don't think you can talk about competition between all these companies the same way," said Mnuchin. "People are talking about the FANG shares as if they are the same. Each company is very different."


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