UPS announced plans to cut 20,000 jobs and close 73 facilities to save $3.5 billion amid weakened demand from Amazon due to Trump-era tariffs. The company cited economic uncertainty and expects $400-$600 million in separation and lease costs. While first-quarter revenue slightly beat expectations at $21.5 billion, the job cuts follow 12,000 layoffs last year and a reduction in Amazon deliveries. Decreased shipments from Chinese fast-fashion brands also contribute to the cost-cutting measures.

Prepared by Christopher Adams and reviewed by editorial team.