Amazon Has ‘Destroyed’ U.S. Retail Industry, Mnuchin Says
- Company official disputes Treasury secretary’s allegation
- Justice announced antitrust review of technology companies
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U.S. Treasury Secretary Steven Mnuchin alleged that Amazon.com Inc. has “limited competition” and harmed the retail industry as the Trump administration announced a broad antitrust review into whether technology companies are using their power to thwart rivals.
“If you look at Amazon, although there are certain benefits to it, it destroyed the retail industry across the United States, so there’s no question they’ve limited competition,” Mnuchin said in an interview with CNBC Wednesday.