Amazon CEO Andy Jassy told employees and investors during a shareholder meeting that business is holding steady. Jassy said the tariffs deployed by President Donald Trump have not made a dent in Amazon sales.
Jassy responded to a question about sales during the company's annual shareholder meeting, which was held virtually. CNBC reported that he said business remained solid. "We have not seen any attenuation of demand at this point," he said. "We also haven't yet seen any meaningful average selling price increases."
Amazon posted a short comment on April 29 about reports it had planned to post tariff costs on its site. "The team that runs our ultra-low-cost Amazon Haul store considered the idea of listing import charges on certain products. This was never approved and is not going to happen."
The Amazon post allegedly occurred after a call from Trump to Amazon founder Jeff Bezos following reports that Amazon was going to post tariff charges on its site. After the call, Trump claimed Bezos backed down.
Amazon sells many products made in China that are affected by the Trump tariffs. Amazon reported last month it stocked up on many items to stay ahead of the impact of at least initial tariffs.
Jassy said at Wednesday's meeting that while some foreign-produced items have gone up in price, many have not increased. "I think that the diversity and the size of our marketplace really helps customers have the best selection of the best prices."
Also on Wednesday, Lowe's and Home Depot reported an optimistic business outlook and were not planning to hike prices in response to tariffs.
Jim Mishler ✉
Jim Mishler, a seasoned reporter, anchor and news director, has decades of experience covering crime, politics and environmental issues.
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