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President Donald Trump is eyeing legal means to go after Amazon, according to a report from Axios' Jonathan Swan.

This isn't the first time Trump has set his sights on the retailer.

The White House said it has no immediate policy changes.

Amazon shares are down 3.71% after slumping as much as 7.4%.

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Shares of Amazon slumped as much as 7.4% Wednesday morning following a report President Donald Trump is eyeing legal means to go after the e-commerce behemoth. However, they have since pared their losses, now down 3.71%, after Reuters said the White House has no immediate policy changes.

Earlier Wednesday, Axios' Jonathan Swan reported Trump believes Amazon is making life difficult for smaller, locally-owned retailers and wants to find a way to slow down its dominance in online retail. Amazon has repeatedly showed an ability to disrupt entire sectors with corporate announcements.

While Trump has not yet decided on any measures, he is considering changing Amazon's tax status or taking the route of antitrust action, Swan's report said.

This isn't the first time Trump has set his sights on the retailer.

"Amazon is doing great damage to tax paying retailers," Trump tweeted in August. "Towns, cities and states throughout the U.S. are being hurt - many jobs being lost!"

Wednesday's selling comes after a rough day for tech stocks on Tuesday. The sector was slammed by news that the Trump administration was considering a crackdown on Chinese investments into US companies.

Amazon shares are up 28% this year before Wednesday's losses.

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