Pres. Trump Criticizes US Postal Service for Weak Business Practices


"Should be charging MUCH MORE!" the president wrote on Twitter. Goldman said two thirds of it are due to changes in repatriation taxes, and the remainder includes the "effects of the implementation of the territorial tax system" and remeasurement of USA deferred tax assets.

President Donald Trump said Friday that the U.S. Postal Service should charge Inc. and other companies more to deliver their packages.

Amazon stock fell 6.1% in the hours following the tweet.

While full details of the agreement between Amazon and the Postal Service are unknown - the mail service is independently operated and strikes confidential deals with retailers - David Vernon, an analyst at Bernstein Research who tracks the shipping industry, estimated in 2015 that the USPS handled 40 percent of Amazon's volume the previous year.

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He said it's making Amazon richer and the Postal service - quote - "dumber and poorer".

"The organization had projected to lose $4.2 billion and said in its annual report that the loss this year was lower than expected primarily because of a "$2.2 billion reduction in workers' compensation liability".

Trump has also argued that Bezos is using The Washington Post to advance his financial interests.

Earlier in December, the Postal Regulatory Authority moved to stem the red ink by allowing the postal service to raise the cost of a first-class stamp, now 49 cents, by 2% above the rate of inflation. The Post, as well as other major media, has been labeled as "fake news" by Trump after reporting unfavorable developments during his campaign and presidency. Amazon's stock for the first time topped $1,000 a share in April, and have continued to climb.

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Shipping expenses represent a major expense for Amazon.

He estimated at the time that Amazon pays the USPS $2 per package, which is about half what it would pay UPS and FedEx.

Cities across the country are pledging millions of dollars towards everything from bullet trains to tax breaks if Amazon picks them as the site for its second headquarters.

The U.S. Postal Service, which runs at a big loss, is an independent agency within the federal government and does not receive tax dollars for operating expenses, according to its website.

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