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Retail sales fell sharply in May as consumers pulled back after a sharp increase in spending in March to get ahead of President Donald Trump’s sweeping tariffs on nearly all imports.

Prime Minister Mark Carney said Canada and the U.S. are aiming to strike a trade deal within a month, a goal set during a meeting with President Donald Trump at the Group of Seven summit.

United Kingdom Prime Minister Keir Starmer and U.S. President Donald Trump agreed June 16 to implement a trade deal announced last month, with one notable exception.

The drop in port activity came as importers and retailers — especially those with business in China — grappled with the uncertainty of Trump’s trade war.

The Labor Department reported June 12 that its producer price index rose 2.6% in May. Producer prices rose 0.1% from April to May after dropping 0.2% the month before.

The IMF is seeing signs that the rise in trade and activity to front-run President Donald Trump’s tariffs is beginning to unwind as the global economy still faces heightened uncertainty.

After fresh negotiations in London, tariff rates remain essentially unchanged. Rare earth shipments from China are set to return to pre-April 2 conditions.

The trucking industry is facing a tepid financial outlook amid volatile market conditions compelled by the ongoing tariff-fueled global trade war, experts said.

President Donald Trump said he intended to send letters to trading partners in the next one to two weeks setting unilateral tariff rates, ahead of a July 9 deadline to reimpose higher duties.

“We cannot accept any form of unfair practices from different countries when it comes to our Canadian market. That’s enough,” Industry Minister Melanie Joly told reporters on June 11.