Steve Forbes and forbes joins the Great Money Show Committee to speak with the international effects of high trade tensions between the United States and China.
UPS (UPS) He said on Tuesday that it would reduce about 20,000 jobs and close 73 of its facilities, as the giant costs fiery services amid a step to reduce charging sizes from its largest customers, Amazon and the broader economic certainty.
This step, which reaches about 4 % of the company’s workforce, is the first large American company to move forward with workers’ widespread demobilization in the face Trade slowdown Because of the Trump administration tariff.
The slowdown in global trade is likely to reduce the need for shipping services between companies, which may harm parcel delivery companies.
“The world has not faced enormous trading effects for more than 100 years,” CEO Carol Tommy said during the company’s profit call.
UPS reduces its power by about 20,000, or 4 %, amid economic uncertainty and changing business with Amazon. (Justin Sullivan / Getty Emokires / Getty Emoz)
It also comes after UPS announced in January that it had reached an agreement with it The largest agent, AmazonTo reduce its size by 50 % by the second half of 2026. AMAZON 11.8 % of the total UPS revenue in 2024.
“The measures we take to re -configure our network and reduce the cost in our business cannot be more timing,” Tommy said.
| index | protection | last | Changing | % Change |
|---|---|---|---|---|
| UPS | United Parcel Service Inc. | 96.71 | -0.34 |
-0.35 % |
| amzn | Amazon.com Inc. | 187.39 | -0.31 |
-0.17 % |
Last year, UPS said he would do Manpower By 12,000 jobs, he added that it expects expenditures ranging between 400 million dollars and 600 million dollars related to the benefits of separation and discounts related to rent in 2025.
Shein greatly raises prices in response to definitions: Report
The two companies reduce the number of shipments from the Amazon processed by UPS. (Xavi Lopez/SOPA/Lightrockket via Getty Images/Getty Images)
UPS also faces a sharp slowdown in size Associated with China TEMU and Shein e -commerce sellers after the United States moved to collect customs tariffs on goods that were previously free from customs duties under $ 800 threshold per individual sale.
To help keep up update its customers Definitions and commercial policy Changes, UPS launched a website that tracks various developments in negotiations as well as providing the ability to communicate with experts and explore options to manage customs tariffs.
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UPS also provides a new UPS Global Checkout service that shows the cost of customs duties and duties on international purchases upon exit.
Reuters contributed to this report.
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