President Donald Trump’s administration is recommending the U.S. Postal Service raise prices for shipping packages, a move that would hit online retailers such as Amazon.com.
A Trump-appointed commission on Dec. 4 released recommendations for the rate increase, which an administration official said would affect most commercial shippers. The report didn’t say how much the Postal Service should increase its prices.
Amazon shares dropped about 1% on the late afternoon news to close at $1,668.40, losing nearly 6% for the day amid a broader market downturn. Stamps.com, which lets users buy and print postage online, also dropped on the news.