The fallout from U.S. President Donald Trump's trade war reverberated further through the corporate world on Tuesday, as delivery giant UPS said it would cut 20,000 jobs to lower costs, while General Motors pulled its outlook and pushed its investor call to Thursday pending possible changes to trade policy.

The tariffs imposed by President Trump continue to have ripple effects across the globe as major companies announce business shifts.

U.S. automakers are set to get a break on some of the sweeping tariffs President Donald Trump is imposing. Yet even with the new waivers, the outlook for America's longest-lived carmakers remains cloudy, with General Motors saying Tuesday it was "reassessing" its earnings guidance in light of the uncertainty over the tariffs impact.

President Donald Trump signed an executive order and a proclamation on Tuesday to​ ease auto tariffs, the latest abrupt shift in a rapidly changing tariff policy that has left businesses scrambling to keep up.

General Motors cheered on President Donald Trump for working with the company to refine auto tariffs, but warned that sustained protectionist policies could “significantly” hurt the industry down the road.