President Trump announced the outline of a trade deal with the U.K., the first with a major trading partner since he imposed blanket tariffs on countries worldwide.

The WSJ’s Natalie Andrews and Max Colchester write that the hastily arranged deal is limited in scope, with the U.S. agreeing to roll back tariffs on British steel and autos in exchange for the purchase of Boeing jets and greater access to U.K. markets for American farmers. Most British goods would still be subject to a global 10% duty imposed in April, but U.K. steel and aluminum will be exempt from a new 25% levy. The tariff on British cars also will be lowered to 10% from 25% for the first 100,000 vehicles. The U.K. will cut duties on some American beef imports to zero from 20%, and cut tariffs on ethanol.

Britain’s erstwhile partners in the European Union, meanwhile, threatened to target American autos, car parts, aircraft and other products with duties if trade talks with the U.S. break down. The bloc’s executive body released a new list of about $107 billion worth of U.S. products that could face tariffs, including chemicals and plastics, electrical equipment and other goods, including whiskey, which had been cut from an earlier list.

• Beijing’s outreach to the U.S. over fentanyl paved the way for a bilateral meeting in Switzerland this weekend. (WSJ)
• The Trump administration plans to overhaul regulations limiting AI chip sales to some countries. (WSJ)

Ocean carriers aren’t rushing back to the Red Sea, one of the world’s most important shipping corridors, despite a tentative ceasefire deal between the U.S. and Yemen’s Houthi militants.

The WSJ’s Stephen Kalin, Costas Paris and Benoît Faucon write that the top five container-shipping companies are assessing the deal Trump announced Tuesday, but say the area will remain volatile so long as the war in Gaza continues. In addition, the agreement is vague and doesn’t specifically mention an end to attacks on commercial shipping. Weeks of U.S. strikes on more than 1,000 targets were meant to force the Houthis to stop attacks that, aside from a brief pause, largely froze seaborne trade for more than a year. Traffic through the Red Sea is down by 60%, carriers have switched to longer and more expensive routes and analysts say it could take months to restore ship owners’ confidence.

• About 200 mariners on more than 15 vessels stuck for weeks off a Yemeni Red Sea port are preparing to offload cargos and leave after the U.S.-Houthi ceasefire. (Reuters)
• The Houthis claimed responsibility for the second loss in two weeks of a fighter jet off of a U.S. aircraft carrier in the Red Sea. (Maritime Executive)

A.P. Moeller-Maersk said the volume of containers it carries this year could fall as much as 1%, or rise as much as 4% depending on whether the U.S. and China reach a trade deal.

The Danish shipping giant’s CEO, Vincent Clerc, said shipping volumes between the U.S. and China had dropped between 30% and 40% since the beginning of April, the WSJ’s Dominic Chopping reports. Clerc added in a TV interview that Maersk had redeployed some of its larger ships to other trades as American imports of Chinese goods dried up. Nevertheless, Maersk backed its full-year underlying profit guidance for the year. 

• Maersk Air Cargo cut some less-profitable customers, driving first-quarter air-freight volumes down 19% year-over-year. (The Loadstar)

U.S. jobless claims fell to 228,000 in the week through May 3. (WSJ)

The Bank of England cut its key interest rate to 4.25%, its fourth cut in seven meetings, marking a growing divergence from the U.S. Federal Reserve. (WSJ)

German industrial production jumped 3% in March, exceeding expectations, driven by U.S. firms stockpiling goods ahead of tariffs. (WSJ)

Malaysia’s central bank held its benchmark interest rate steady again as tariffs threaten economic stability. (WSJ)

U.S. tariffs will slow growth in Asia this year, but there is a scenario in which the damage will be limited, an International Monetary Fund official said. (WSJ)

Risks to Canada’s financial stability have risen due to U.S. trade policy, the Bank of Canada said. (WSJ)

The U.S. Department of Transportation outlined plans to replace antiquated radar, telecommunications gear, surveillance systems, air-traffic control towers and other facilities. (WSJ)

ConocoPhillips’ first-quarter earnings rose slightly, but the oil driller cut its capital-expenditure forecast because of the volatile economic backdrop. (WSJ)

Toyota Motor reported weaker quarterly earnings and projected a drop in profit for the new fiscal year on tariffs and higher material costs. (WSJ)

SMIC, China’s largest chip maker, reported a sharp rise in quarterly profit on Beijing’s stimulus measures and pre-tariff front-loading. (WSJ)

The Trump administration is considering creating an international shipping registry in the U.S. Virgin Islands to help enlarge the U.S.-flagged commercial shipping fleet. (Reuters)

The White House nominated former Maersk Line executive Stephen Carmel to lead the U.S. Maritime Administration, or MARAD, replacing nominee Brent Sadler. (Lloyd’s List)

British Airways parent IAG plans to order about 30 Boeing 787 Dreamliner jets. (Bloomberg)

Taiwan’s China Airlines ordered four Boeing 777-8 freight aircraft. (Air Cargo News)

• Early opponents of corporate influence in healthcare are spotting parallels in another trusted profession where private equity is making a push: accounting.
• AI is changing the way we search online. Advertisers are already falling behind.
• IBM has used AI to replace the work of a couple hundred human resources workers. As a result, it has hired more programmers and salespeople, and it promises higher total employment.
• WeightWatchers, whose dieting and wellness programs were once a central part of U.S. fitness culture, has filed for bankruptcy to adjust to the increasing use of drugs for weight loss.

Mark R. Long is editor of WSJ Logistics Report. Reach him at mark.long@wsj.com. Follow the WSJ Logistics Report team on LinkedIn: Mark R. Long, Liz Young and Paul Berger.