Amazon CEO Andy Jassy proved that critics of President Trump’s tariff policies are wrong after the company’s annual shareholder meeting, held virtually on Wednesday.
Critics have been vocal about President Trump’s tariff policies on Chinese imports, claiming they would cripple the economy and negatively affect consumer habits. Earlier in May, CNBC reported that both countries had agreed on a 90-day pause on all tariffs, which will be cut from 145 percent to 30 percent. However, during the period from April 2 to the pause, inflation reports showed that the tariff alarmists were wrong.
Breitbart reported that Amazon’s CEO, Andy Jassy, revealed that the mega online giant has not seen any significant changes in average selling prices or consumer spending habits.
Other retailers, like Target and Walmart, have warned consumers about impending price hikes, but Amazon has not experienced notable price increases that warrant such warnings.
According to Breitbart, Jassy reported to shareholders that “We have not seen any attenuation of demand at this point” and added, “We also haven’t yet seen any meaningful average selling price increases.” He also said, “I think that the diversity and the size of our marketplace really helps customers have the best selection of the best prices.”
Jassy admitted to shareholders that while the prices from Chinese individual sellers have had to rise in response to the tariffs, these have balanced out, and consumer spending remains consistent.
Another report from Breitbart by economic editor John Carney on April’s inflation reports showed that U.S. consumers were not bearing the burden of the tariffs like some alarmists were claiming. The report also shows that businesses are not passing along the price increases to the consumer but are absorbing them.
In his Breitbart report, Carney wrote, “If tariffs were triggering a new inflationary wave, someone forgot to tell the businesses setting prices for goods and the consumers buying them.” During this 90-day pause on tariffs, the two countries will continue to work out a grand trade bargain for the long term.
Reuters reported that according to the Chinese delegation at the World Trade Organization, “China believes multilateralism is the inevitable and ultimate choice to address global challenges.”
