Amazon flags Trump's 'protectionist measures' on trade as a business risk

Amazon sees President Donald Trump's protectionist stance on trade as a potential risk to its business, according to its annual report filed Friday.

For the first time in at least five years, Amazon's annual report mentions "trade and protectionist measures" as one of the many government regulations that could potentially harm its business.

Amazon has listed "trade protection measures" as a risk factor in previous annual reports, but it's never been included in the section discussing how unfavorable government laws could affect its business. Forbes' Ryan Mac first spotted the change.

Although the report doesn't specifically mention Trump by name, the updated language highlights Amazon's contentious relationship with the president and how it sees Trump's new trade policies that prioritize US-made products affecting its business. Amazon CEO Jeff Bezos has publicly clashed with Trump on several occasions during the election, while Trump once warned that Amazon would have "problems" if he became president.

Here's the full section:

"We are subject to general business regulations and laws, as well as regulations and laws specifically governing the Internet, e-commerce, electronic devices, and other services. Existing and future laws and regulations may impede our growth. These regulations and laws may cover taxation, privacy, data protection, pricing, content, copyrights, distribution, mobile communications, electronic device certification, electronic waste, energy consumption, environmental regulation, electronic contracts and other communications, competition, consumer protection, trade and protectionist measures, web services, the provision of online payment services, information reporting requirements, unencumbered Internet access to our services or access to our facilities, the design and operation of websites, the characteristics and quality of products and services, and the commercial operation of unmanned aircraft systems.

It is not clear how existing laws governing issues such as property ownership, libel, and personal privacy apply to the Internet, e-commerce, digital content, and web services. Jurisdictions may regulate consumer-to-consumer online businesses, including certain aspects of our seller programs. Unfavorable regulations and laws could diminish the demand for, or availability of, our products and services and increase our cost of doing business."

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