UPS cites Trump tariffs as it announces expected layoffs of 20,000 workers

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 with $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.

“The actions we are taking to reconfigure our network and reduce cost across our business could not be timelier,” Carol Tomé, UPS chief executive officer, said in a statement.

“The macro environment may be uncertain, but with our actions, we will emerge as an even stronger, more nimble UPS.”