Amazon shares fell 4.6 percent Wednesday after Axios reported that Trump wants to "go after" the e-commerce giant, wiping out more than $33 billion in shareholder value.
Trump has blasted Amazon on social media in the past, saying the e-commerce company is hurting the retail industry and causing U.S. job losses.
"Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt - many jobs being lost!," he posted on Twitter in August.
Trump also repeatedly bashed the "Amazon Washington Post" on Twitter. Amazon CEO Jeff Bezos owns The Washington Post.
Treasury Secretary Steven Mnuchin hinted in July the administration may soon take "a position" on Amazon's tax collection policy.
At a Senate hearing on July 26, Sen. Joe Manchin, D-W.Va., asked the Treasury secretary about his view on internet state sales taxes.
"So this is an issue that we've been looking at very carefully within the administration, and we expect to come out with a position shortly," Mnuchin said. "I am encouraged that Amazon is now charging tax, I believe, on their own sales but not the marketplace. I'm not sure I understand the consistency on that, but I respect the states' ability that there's an awful lot of money that's not being collected."
Mnuchin was referring to e-commerce giant's "third-party" marketplace, where other firms sell goods on Amazon's website. In its "first-party" business, the internet company sell products directly to customers.
More recently, Mnuchin told the House Ways and Means Committee hearing in February that the administration "feels strongly" the government should institute a sales tax on internet e-commerce.
But there hasn't been much follow-up beyond these statements on the Amazon's tax treatment.
Some states — like Washington, Minnesota and Rhode Island — have passed laws requiring online marketplaces to collect sales taxes on behalf of its "third-party" sellers.
Amazon declined to comment. The White House did not immediately respond to a request for comment.
A White House official told Reuters that there are no specific policy changes at the moment with regard to Amazon, but that the administration is always looking at different options.
