原句：

Fundamentally, the USPS is in a historic squeeze between technological change / that has permanently decreased demand for its bread-and-butter product, first-class mail, and a regulatory structure / that denies management the flexibility to adjust its operations to the new reality.

兩個that均引導(dǎo)定語從句

生詞：

bread-and-butter product n. 基本產(chǎn)品，主要產(chǎn)品

deny sb. sth. 拒絕某人做某事，使某人無法做某事

adjust…to… 調(diào)整…以適應(yīng)…

翻譯：

根本原因在于，USPS正處于“歷史性擠壓”中：一面是技術(shù)變革導(dǎo)致對其核心產(chǎn)品（普通郵件）的需求永久性降低；一面是監(jiān)管體系使其管理層無法靈活調(diào)整業(yè)務(wù)以適應(yīng)新現(xiàn)實。