UPS cites Trump tariffs as it announces expected layoffs of 20,000 workers
by Marina Dunbar from World news | The Guardian on (#6WZB6)
Company cites current macro-economic uncertainty' as sweeping tariffs discourage customers from shipping
The United Parcel Service (UPS) is expected to cut about 20,000 jobs in 2025 as a part of a larger plan to reduce costs and increase profit, citing changes in the global trade policy and new or increased tariffs".
UPS announced the layoffs on Tuesday in its first quarter earnings report. The parcel delivery service said it made consolidated revenues of $21.5bn, compared to $21.7bn about the same time a year ago. Additionally, the company said it would be shuttering 73 leased and owned buildings by the end of June of this year.
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