U.S. tariffs weighed on China’s factories last month, despite the trade truce with Washington.

Combined with weakness in the real-estate market, the slip in industrial-production growth to 5.8% in the first five months of the year is adding pressure on Beijing to do more to shore up economic growth, the WSJ’s Jason Douglas writes. The figures follow data published last week showing feeble inflation in China and a pullback in export growth, especially in direct shipments to the U.S. Investment growth in buildings, factories and other fixed assets slowed to 3.7% in the January-to-May period. The slowdown in investment, a mainstay of the Chinese economy, reflected weakness in real estate, with property investment in the year’s first five months down 10.7% from the year-earlier period. New construction starts dropped 22.8%. A yearslong housing slump is putting the onus on China’s factories to drive growth through exports, fueling global trade tensions.

Consumer-spending figures painted a brighter picture, however. Retail sales grew a faster-than-expected 6.4% year-over-year in May as Chinese consumers took advantage of government trade-in programs to buy discounted appliances and other goods.

• President Trump left the Group of Seven summit in Canada a day early, as the Middle East conflict intensifies, abandoning several conversations aimed at easing tensions over tariffs and other issues. (WSJ)

A Trump Organization spokesman said “manufacturing for the new phone will be in Alabama, California and Florida.” Eric Trump told a podcast that the phones "eventually" could be built here. So is it possible—even plausible—these phones would initially come from China. At that price, only Chinese makers like Xiaomi and Oppo have hardware to match.

Months into the rollout of Trump’s slew of tariffs, consumers are stuck in a haze of confusion about what is behind the price hikes they see as they make everyday spending decisions. The Journal’s Joe Pinkser writes that more shoppers are trying to find out whether the higher prices are the result of tariffs, general inflation–or companies padding their profit margins. Businesses differ on whether and when to pass on tariff costs, making it hard to know to what extent the trade war can be blamed. Nearly three-quarters of consumers cited tariffs–with three-quarters also citing overall inflation, and 29% blaming “brand or retailer greed”–when asked why they believed prices had gone up in a May survey by Kearney. Some 61% of Americans say they would like businesses to say how much of a price is going toward duties, an Economist/YouGov poll last month showed.

Trump often has referred to Nippon Steel’s $14.1 billion deal for U.S. Steel as a “partnership.” Subject it to the late Walter Reuther’s “duck test,” however, and it looks, walks and quacks a lot like an acquisition. The Tokyo steelmaker just won’t have all the usual freedoms to do as it wishes with the American business, the Journal’s Jonathan Weil writes. That is thanks to a “golden share” Nippon Steel agreed to issue to the U.S. government. The full terms haven’t been disclosed, but Commerce Secretary Howard Lutnick laid out some in an X post: Nippon Steel won’t be allowed to transfer production or jobs to other countries without U.S. approval. U.S. Steel will keep its name and headquarters in Pittsburgh. Nippon Steel can’t reduce, waive or delay the $14 billion of committed investment. Lutnick also cited other protections related to salaries, anti-dumping, raw materials and sourcing outside the U.S.

• Japan’s Mitsubishi is in talks to buy Aethon Energy’s assets for about $8 billion, including gas fields and pipelines in the Haynesville Shale in east Texas and northwest Louisiana. (WSJ)
• TotalEnergies is buying a 25% share in several offshore oil and gas exploration areas in the U.S. operated by Chevron, expanding its reach in American waters. (WSJ)

Southwest Airlines is adding Honeywell cockpit-alert systems across nearly all of its 800 aircraft to help prevent runway errors following a series of close calls at U.S. airports. (WSJ)

Amazon plans to invest about $13 billion to expand its Australian data center infrastructure to meet the boom in demand for AI computing. (WSJ)

Home-décor retailer At Home filed for bankruptcy, aiming to cut nearly $2 billion in debt amid pressure from declining demand and tariffs on China. (WSJ)

H&M is upgrading a smaller store network and hopes AI will smooth out the integration of its digital operations with its physical footprint. (WSJ)

Santos, Australia’s No. 2 oil and natural gas producer, said it received a takeover offer from a consortium led by Abu Dhabi National Oil unit XRG worth some $18.72 billion. (WSJ)

Eaton agreed to buy the U.K.’s Ultra PCS from Cobham Ultra in a $1.55 billion deal to expand the power-management company's position in aerospace markets. (Dow Jones Newswires)

Maritime authorities flagged significant electronic interference affecting commercial vessels across the Middle East as the conflict between Israel and Iran intensified. (Splash 247)

Zodiac Maritime said a second salvage vessel, a fire-fighting tug, arrived at the car carrier Morning Midas which burned in the Pacific Ocean after a June 3 blaze on a vehicle deck. (Lloyd’s List)

DHL Express Canada plans to suspend the importation of international packages at 9 p.m. ET on Tuesday, ahead of shutting down operations June 20 as contract negotiations stagnate. (Supply Chain Dive)

Arizona-based Stafford Crane is close to confirming two U.S. locations for manufacturing ship-to-shore cranes, including an option for cranes compliant with the Build America, Buy America Act. (WorldCargo News)

The Trucking Association of New York filed an amended complaint as part of continuing litigation against New York City’s mass-transit authority over its congestion-pricing plan. (The Trucker)

A unit of Eitzen is set to receive about $20.2 million in Norwegian government support to build what would be the world’s largest battery-powered containerships. (Marine Log)

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.