Tariffs Haven’t Hurt Consumer Spending, Says Amazon (AMZN) CEO Andy Jassy

Amazon (AMZN) CEO Andy Jassy says that the e-commerce giant hasn’t seen any signs of a slowdown in consumer spending since U.S. President Donald Trump introduced sweeping imports tariffs in April.

At Amazon’s annual shareholder meeting, Jassy said, “We have not seen any attenuation of demand at this point.” The comments were made during a question-and-answer session with shareholders. “We also haven’t yet seen any meaningful average selling price increases,” added the Amazon CEO.

Jassy’s latest comments are a bit surprising coming after Amazon singled out “tariffs and trade policies” as one of several factors that could make its guidance for the current quarter subject to change. Amazon also drew the anger of President Trump with a plan to show cost increases from tariffs on its e-commerce platform, a proposal the company has since withdrawn.

‘Eat the Tariffs’

Rival retailer Walmart (WMT) warned recently that consumers could soon see price hikes from tariffs. That prompted President Trump to write on social media that Walmart should “EAT THE TARIFFS.” For its part, Amazon faces significant exposure to import duties through its retail unit, which sources many goods from China.

Jassy said last month that Amazon made “strategic forward inventory buys” to stock up on goods ahead of Trump’s reciprocal tariffs, and that the company is focused on keeping prices low for consumers. Still, some third-party sellers, which account for 60% of products sold on Amazon, have increased prices on certain items, Jassy acknowledged at the annual meeting.

AMZN stock has declined 8% this year.

Is AMZN Stock a Buy?

The stock of Amazon has a consensus Strong Buy rating among 48 Wall Street analysts. That rating is based on 47 Buy and one Hold recommendations assigned in the last three months. The average AMZN price target of $240.37 implies 20% upside from current levels.

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