UPS to cut 20,000 jobs on lower Amazon shipments; profit beats estimates

United Parcel Service said on Tuesday it will cut 20,000 jobs and shut 73 facilities to lower costs in an uncertain economy and to brace for a potential pullback from its largest customer, Amazon.

Such a significant step makes UPS the first big US company to respond through largescale layoffs to slowing trade as a result of the sweeping tariffs by the Trump administration.