US-based United Parcel Service (UPS), the world's largest package delivery service provider, has announced it will lay off 20,000 employees to cut costs

The fallout from the trade war sparked by President Donald Trump continues to affect big companies, with drastic new measures announced on Tuesday. UPS announced it would lay off 20,000 employees to cut costs, and General Motors suspended financial estimates and postponed its conference call with investors until Thursday, pending possible trade policy changes.