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.

UPS is looking to slash about 20,000 jobs and close more than 70 facilities as it drastically reduces the amount of Amazon shipments it handles.

United Parcel Service on Tuesday said it would slash 20,000 jobs and shut 73 facilities as part of a planned reduction in deliveries for Amazon.com, and as U.S. President Donald Trump's tariffs roil global trade.