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The Minister of finance, Steve Mnuchin said that, although Amazon does have a number of advantages to the consumer, and the Jeff Bezos-led company has been destroyed, the retail sales in the United States of america.”
“I think if you look at Amazon, but there are some advantages to them, but they have been destroyed, the retail sales in the United States, and, therefore, there is no question that they have limited competition,” Mnuchin said in an interview published on Wednesday.
“I think it’s great that the attorney-general will look at it. I think it’s an important issue, and I look forward to meeting him and to make a report to the president and to hear his recommendations,” the Treasury Secretary added.
FILE – In this June 19, 2017, file photo, President Donald Trump, left, and Satya Nadella, ceo of Microsoft, center, listen as Jeff Bezos, ceo of Amazon, speaks during an American Technology Executive round table in the State Dining Room of the White House in Washington dc. (AP Photo/Alex Brandon, File)
IN THE AMAZON, IT WAS NOT TO BE PUT OFF BY THE AOC, ” SAYS THE MAYOR OF NEW YORK,NEW YORK
If you are asked to compare to make sure that small businesses had a Walmart in the past few years, Mnuchin has called some of the similarities and differences between the two retail giants. “People who are concerned about the Walmart. Walmart has developed a company where small businesses can continue to compete with them,” he said.
In the past few months, with retailers such as GNC, Dressbarn, Charming Charlie, and others, have shuttered stores in the US on Fox Business have drawn up a list of all of the major retailers have closed down stores, or in bankruptcy proceedings during the past few months.
In a press release, citing some of the results of the most recent Prime-Day shopping holiday, Amazon is often cited for the success of a small business, which was sold for more than $2 billion worth of goods with a value in excess of 15 July and on the 16th day of shopping.
“These are the innovators, workers and entrepreneurs can be a valuable part of the Amazon family,” the company said in a statement. “The products that are unique to companies, to increase diversity, and to contribute to the ever-growing selection of available-for-Prime-members-all around the world. Globally, this is a lot more than $2 billion in sales, this is the first Day, making it the largest in the Amazon, a shopping event ever for the third-party sellers on the comparing with the two-day period.”
The Minister of finance and gave his thoughts in an interview on CNBC on Wednesday morning.
Fox News has not reached the Amazon, with a request for comments.
Mnuchin’s comments come a day after the Justice Department formally announced the formation of a broad anti-trust inquiry into the question of whether Silicon Valley giants have unduly restrictive of competition.
Although not formally mentioned by name in the statement, it is widely believed that the Amazon, along with Facebook, Alphabet, Google, and Apple have been in the crosshairs of the department of justice. The agency is reviewing “whether and how the world’s leading online platforms, and have achieved market power and are engaged in practices that are less competitive, innovation is stifled, or otherwise harm consumers.”
“Without the discipline of effective market competition on the basis of a digital platform able to act in a manner which does not respond to the request of the consumer,” said Assistant Attorney General Makan Delrahim of the Anti-trust Division, in a statement. “The Department’s anti-trust review, will explore these important issues.”
At the moment it is not known how long the investigation will take time, and it is possible that some of the Justice Department’s work should be able to interface with the current leads of the Large-Tech for the Federal Trade Commission.
The Ministry of Justice will also be on the look out for the information of the general public, and other stakeholders in the industry who have direct knowledge of the competition in the online platform.
FTC’S SETTLEMENT WITH GOOGLE OVER YOUTUBE OF KIDS ‘ PRIVACY VIOLATIONS WILL BE BLOWN AWAY BY THE CRITICS
As Fox News reported earlier, the Ministry of Justice has examined whether the Script, which is the parent company of Google, it is in the pursuit of monopolistic practices. The Mountain View, Calif., the company has also come under fire from conservatives who accuse it of being biased against them by a Google Search, and Google News. Google strongly denied any political bias in its products.
“I don’t think that’s necessarily a bad thing, but I do think that a lot of people have questions about how these huge behemoths that are now in the Silicon Valley area have taken shape under the very nose of the antitrust enforcers,” Attorney General William Barr told the senate back in January. “You can win a place in the market and, without a breach of the anti-trust laws, but I would like to find out more about that process.”
The Federal Trade Commission announced on Wednesday in a historic settlement with Facebook that calls for the company to make payment of the $5 billion in fines and abide by the new privacy laws. In the meantime, Amazon has taken it to task for its impact on other, third-party vendors, and the dominance of e-commerce.
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From Fox News: Christopher Carbone contributed to this report.