UPS announced Tuesday that it would slash 20,000 jobs amid the economic chaos of President Donald Trump’s tariffs, The New York Times reported. The move, which the company said is an attempt to cut costs in an uncertain market, comes as Trump’s sky-high tariffs have driven some UPS customers to ship less, the Times reported. UPS now employs 490,000 workers, the majority of which are represented by the Teamsters Union. The company also said that it would not be able to update its revenue forecasts for 2025 due to “macroeconomic uncertainty,” as the tariffs have roiled markets with volatility. Last year, UPS cut 12,000 jobs. In the past few months, it has searched for ways to boost revenue, such as shipping fewer packages for Amazon, its largest customer, explaining that many of those deliveries are not profitable. The company said it plans to cut the number of Amazon deliveries it makes in half over the next year. The Times reported that UPS CEO Carol Tomé observed to investors Tuesday that the tariffs were especially hurting small companies that rely on imports from China, on which Trump has instituted a 145 percent import tax.
