CURRENT EVENTS - April 27-30

evrheel said:
UPS on Tuesday announced it is planning to cut 20,000 jobs this year, part of a cost-cutting effort that's linked to the delivery giant's decision to deliver fewer packages from Amazon, its biggest customer.

The shipping company, which operates in over 200 countries, currently has around 490,000 employees. The layoffs will impact slightly over 4% of its workforce. This follows an announcement from UPS last year that it would cut 12,000 positions.

The move is part of the company's plan to consolidate UPS's facilities and workforce. Along with the job cuts, the company announced it will also close 73 of its buildings by the end of June 2025 and said that it may target additional buildings for closure.
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Yeah, this is an interesting business strategy decision that in part predates the trade war — the Amazon deliveries are apparently particularly low margin for UPS and so they are reducing the volume of those shipments.
 
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He’s not wrong.

From the transcript:

“… PRESIDENT DONALD TRUMP: Well, they did sign up for it, actually. And this is what I campaigned on. I said that-- we've been abused by other countries at levels that nobody's ever seen before. We were losing $3 to 5 billion a day on trade. We were losing-- a trillion and a half to $2 trillion a year. Not sustainable.

They were takin' advantage of us like they've never -- I could've left it that way, and at some point there would've been an implosion like nobody's ever seen. But I said, "No, we have to fix it." I've -- I've wanted to do this for many years. …”
 
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