Treasury Secretary: Amazon has ‘Destroyed the Retail Industry’
U.S. Treasury Secretary Steven Mnuchin said Amazon had “destroyed the retail industry” in an interview Wednesday. He backed the Justice Department’s probe of big tech, including Apple.
Amazon has ‘Really Hurt Small Businesses’ Says Treasury Secretary
Speaking on CNBC Mr. Mnuchin said:
I think 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.
Mr. Mnuchin, who has a background in retail, said: “There’s areas where [Amazon] really hurt small businesses.”
The Treasury Secretary warned it is hard to lump all the big tech firms together. However, he stated his support for the Justice Department’s investigation into big tech launched Tuesday. “I think it’s very good that the attorney general is going to look into this, ” he said. “I think it’s an important issue and I look forward to him reporting back to the president and hearing his recommendations.”
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