Trump’s attacks on Amazon are working

If President Donald Trump wants to punish Amazon for lousy Washington Post coverage, it’s working.

Amazon sank 5% Monday after Trump renewed his attacks on the company on Twitter.

Trump once again accused Amazon of taking advantage of the US Postal Service, and he suggested that Amazon does not pay its fair share of tax. In fact, Amazon pays the same lower rate that the post office charges other bulk shippers, and it collects sales tax in every state that charges it.

The president has said he dislikes Amazon because CEO Jeff Bezos also owns the Washington Post. He has said he believes Bezos uses the newspaper to lobby for Amazon’s business interests. Amazon does not hold a stake in the Washington Post.

Trump has tweeted about Amazon four times in the last week, and Amazon has lost 7% in the process.

Amazon’s (AMZN) stock is driving the broader market down. The Nasdaq tumbled 2.7% Monday.

CNNMoney (New York) First published April 2, 2018: 12:22 PM ET