UPS cuts 20,000 jobs, GM delays investor call as tariffs stir chaos

Consumers are also spending less as Trump’s imposition of sweeping tariffs, followed by the suspension or rollback of some duties, creates uncertainty

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General Motors, Kraft Heinz and Electrolux on Tuesday joined the diverse list of companies that have pulled forecasts for 2025 or slashed outlooks, as US President Donald Trump's trade war sends a chill through the corporate world.

GM also pushed its investor call to Thursday pending possible changes to tariff policy, while delivery giant UPS said it would cut 20,000 jobs to lower costs in an uncertain economy and in anticipation of weak volumes from its largest customer, Amazon.

The barrage of negative news is more evidence that chaotic trade policy is taking a major toll on companies, forcing many to cut spending, upending supply chains and making it hard to plan beyond the immediate term.

Consumers are also spending less as Trump's imposition of sweeping tariffs, followed by the suspension or rollback of some duties, creates uncertainty, raising fears of a sharp economic downturn in the United States and beyond.