Amazon CEO Andy Jassy says tariffs have not dented client spending

Amazon CEO Andy Jassy stated Wednesday that the corporate hasn’t seen any indicators of customers tightening their wallets within the face of President Donald Trump‘s sweeping tariffs.

Jassy’s feedback got here throughout Amazon’s annual shareholder assembly, which was held nearly on Wednesday.

“We’ve not seen any attenuation of demand at this level,” Jassy stated throughout a question-and-answer portion of the assembly. “We additionally have not but seen any significant common promoting worth will increase.”

Amazon and different retailers proceed to digest the influence of Trump’s tariffs. Earlier this month, Amazon pointed to “tariffs and commerce insurance policies” as considered one of a number of elements that might make its steerage for the present quarter topic to alter.

Rival retailer Walmart warned final week that buyers may begin seeing worth hikes from tariffs later this month and in June. Inside days, that sparked the ire of Trump, who urged the corporate to “EAT THE TARIFFS.”

Goal stated Wednesday it’s going to seemingly have to hike costs on some objects, whereas House Depot stated it expects to take care of its present pricing ranges.

Amazon faces vital publicity to the levies by means of its retail unit, which sources some items from tariff-hit China. Jassy stated final month the corporate made some “strategic ahead stock buys” to replenish on items and is “fairly maniacally targeted” on protecting costs low for consumers.

Some third-party sellers, which account for roughly 60% of merchandise offered, have elevated costs on sure objects, whereas others have opted to maintain costs regular, Jassy stated Wednesday.

“I feel that the variety and the scale of our market actually helps clients have one of the best collection of one of the best costs,” Jassy stated.

Earlier than the Q-and-A portion, Amazon buyers listened to eight outdoors proposals addressing the corporate’s emissions reporting, warehouse working situations and the local weather influence of its information facilities, amongst others.

All the resolutions, which Amazon advisable buyers vote towards, had been rejected. Vote totals are anticipated to be launched quickly after the assembly.