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China’s exports to the U.S. tumbled in April while its trade with other economies surged, suggesting that tariffs are hastening a shakeup in global supply chains.

Volvo Treasury is selling a five-year, $563 million bond on May 9, as automaker-related notes hit the market amid the looming risk of tariffs.

President Donald Trump on May 9 floated cutting tariffs on China from 145% to 80% ahead of a weekend meeting among top U.S. and Chinese trade officials as he looks to de-escalate the trade war.

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer are set to meet in Switzerland with Chinese Vice Premier He Lifeng on trade in the coming days.

Median expectations for inflation three years from now rose to 3.2% in April, the highest reading since July 2022. Estimates for year-ahead price growth, however, held steady.

The slowdown of U.S. imports due to tariffs is expected to have downstream effects on the rest of the supply chain, including trucking, according to experts.

Toyota said U.S. tariffs will result in a $1.3 billion hit to operating income in just two months, with the carmaker joining a growing list of companies grappling with the trade turmoil.

A.P. Moller-Maersk, the Danish container giant, lowered its forecast for the global transport market rattled by President Donald Trump’s trade war.

President Donald Trump has agreed to cut tariffs on U.K. autos, steel and aluminum in a planned trade deal with Britain, which would buy more American beef and streamline its customs process.

“No,” President Donald Trump said when asked by a reporter if he is open to pulling back his 145% duties on Chinese imports to get the world’s second-largest economy to the negotiating table.