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Amazon warehouse in Castel San Giovanni, Italy. Photo: Emanuele Cremaschi / Getty

Trump's attacks on Amazon are likely to put the company under added tax scrutiny by foreign governments, according to a report by Wells Fargo.

Why it matters: Ken Sena, a senior analyst with the bank, said Trump's multi-day Twitter rant regarding retail closures and his "perceptions of Amazon tax evasion stand to play well to some foreign and state governments who conceivably share the president’s concerns."

Sena wrote:

  • "As the potential exists for the rhetoric and tweet barrage to intensify, we see the president’s actions as potentially stirring additional scrutiny of Amazon, beyond the Federal government, particularly where tax is concerned."
  • "This is likely true even though many of us remember the Presidential debate where we heard from the President how not paying federal taxes 'makes me smart.'”

The European Union has already had Amazon, as well as the rest of American big tech companies, under its gaze:

  • In October, the EU ordered Amazon to pay $294 million because of an "illegal tax advantage."
  • Last month, the EU said it may charge all the big tech companies a digital tax of 3% on gross revenue in individual countries.

Tesla's potential hit: Brian Johnson, an analyst with Barclay's, says Tesla may become another victim of Trump's most recent tirades, in this case his trade tariffs against China.

  • China has added a 25% levy on top of an already-existing import tariff on foreign cars. Currently, a Tesla Model S 100D costs $148,000 in China, versus $94,000 in the U.S. The new tariff will go on top of that.
  • Last year, Tesla sold 17% of its cars in China. Unlike most other carmakers, Tesla doesn't manufacture any vehicles in China.

Go deeper

House passes bill to decriminalize marijuana

Rep. Earl Blumenauer (D-Ore.), a longtime marijuana legalization advocate and co-sponsor of the bill. Photo: Pete Marovich For The Washington Post via Getty Images

The House on Friday voted 228-164 in favor of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, marking the first time a congressional chamber has voted in favor of decriminalizing marijuana at the federal level.

Why it matters: The Washington Post describes the bill as a "landmark retreat in the nation’s decades-long war on drugs," which has disproportionately affected people of color.

Updated 18 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Fauci says he accepted Biden's offer to be chief medical adviser "on the spot" — Biden plans to ask public to wear masks for first 100 days in office.
  2. Health: Coronavirus death rates rising across the country — Study: Increased COVID-19 testing can reduce transmission — Hospitalizations top 100,000 for the first time.
  3. Economy: U.S. economy adds 245,000 jobs in November as recovery slows — America's hidden depression: K-shaped recovery threatens Biden administration.
  4. Vaccine: What COVID-19 vaccine trials still need to do — Obama, Bush and Clinton willing to take vaccine in public —WSJ: Pfizer expects to ship half as many COVID vaccines as planned in 2020.
1 hour ago - Economy & Business

Clean trucks are paving the road to the electric vehicle era

Illustration: Eniola Odetunde/Axios

The electric vehicle revolution is underway, led by the un-sexiest of plug-in models: the commercial truck.

Why it matters: Growing demand for cleaner trucks means 2021 will be a pivotal year for electric vehicles — just not the kind you might have expected.