The Trump administration’s on-again, off-again tariff rollout has slowed decisions about warehouse sales and purchases, as business leaders await the outcome of new trade policy.

The WSJ Logistics Report’s Liz Young writes that industrial real-estate deal volume was roughly flat from a year earlier at $22.87 billion in the second quarter, after double-digit growth the previous two quarters, according to data provider MSCI. Warehouse operators over the past three years have grappled with slow leasing activity as retailers and other tenants take a more cautious approach to new space after frenetic expansion during the Covid-19 pandemic.

New buildings constructed since the pandemic also have driven up the availability of space. About 1.9 billion square feet of new warehouse space has gone up across the U.S. over the past four years, according to real-estate services firm JLL. Developers have pared back new projects because leasing is slow. 

Union Pacific and Norfolk Southern are in advanced talks to potentially merge. The WSJ’s Esther Fung and Connor Hart write that a deal, if completed and approved, would create the biggest rail operator in the country. There are no guarantees that the talks, first reported by the Journal last week, will result in a deal.

Any tie-up would face deep scrutiny from a series of regulators, the Justice Department, investors, Amtrak and labor unions. If it does happen, a deal would create a coast-to-coast rail network–something no single railroad currently does. Union Pacific CEO Jim Venalater touted the benefits of such transcontinental reach and praised the Trump administration’s deregulation agenda. There are currently six Class 1 freight railroads in North America. 

• Union Pacific posted slightly higher quarterly profit and revenue, and reaffirmed its full-year outlook despite warning of challenges in the year’s second half. (Dow Jones Newswires)

Corporate America has, so far, largely shouldered the bill for the additional $55 billion in tariffs the U.S. has collected this year. While importers such as manufacturers and customs brokers typically pay first when goods reach U.S. ports, economists have been watching for signs of who would ultimately bear that cost.

The WSJ’s Jeanne Whalen and Sarah Nassauer write that it is becoming increasingly clear that U.S. businesses are absorbing much of it for now. Many companies, reluctant to risk sales and market share by hiking prices before rivals, are holding off until they absolutely must, and are certain the shifting duties are sticking around.

Recent and possible trade deals offer some stability, but they could trigger price increases on thousands of imports. So far, many large companies have hesitated to link price increases to tariffs, lest they draw Trump’s ire, but broader hits to consumers could be on the way.

• The U.S. economy and its peers in Europe and Asia continue to show resilience despite trade uncertainty, though export orders weakened. (WSJ)
• European Union countries approved a package of retaliatory tariffs on U.S. goods that could start in August if no trade agreement is reached. (WSJ)
• Hyundai Motor reported weaker quarterly earnings on higher marketing costs and the effects of U.S. tariffs that it said could be more significant in coming quarters. (WSJ)

U.S. initial jobless claims declined last week. (WSJ)

Canada’s economy is showing signs of firming, with early gauges showing retail and manufacturing sales growth. (WSJ)

The European Central Bank left its key deposit rate at 2%. (WSJ)

German consumer sentiment continued to worsen. (WSJ)

Canada's housing market is expected to continue to weaken. (WSJ)

Kuehne + Nagel cut its full-year guidance after quarterly earnings fell, missing analyst forecasts. (Dow Jones Newswires)

Chevron is regaining the ability to pump oil in Venezuela from the Trump administration. (WSJ)

Walmart is consolidating dozens of AI agents into four “super agents” for customers, employees, engineers, and sellers and suppliers. (WSJ)

Elon Musk told Tesla investors to focus on progress with robotaxis and robots as EV revenue plummets. (WSJ)

American Airlines posted a 6.9% year-over-year increase in quarterly cargo yield per ton mile, and reissued group profit guidance with a lower target. (WSJ)

Alaska Air said its quarterly cargo revenue grew 34% year-over-year as it reinstated full-year guidance. (Dow Jones Newswires)

Dow swung to a quarterly loss as sales fell, partly reflecting trade and tariff uncertainties. (WSJ)

Companies that build missiles say they are fielding a surge in new orders. (WSJ)

The board of Teck Resources approved a multi-billion dollar expansion of Canada’s biggest copper mine. (WSJ)

Australia’s Lynas Rare Earths posted a jump in quarterly production and said it was optimistic about efforts to loosen China’s hold on the critical minerals. (WSJ)

Carbon-dioxide emissions from EU containerships rose 45% last year as vessels sailed farther to avoid attacks in the Red Sea. (American Journal of Transportation)

CMA CGM reflagged the containership Phoenix under the U.S. flag as the carrier looks to triple the size of its American fleet within four years. (Journal of Commerce)

Big shipping companies are forming an initiative to make the bunkering market more transparent. (Lloyd’s List)

China’s shipbuilding output slipped 3.5% in the first half of 2025, while orders for newbuildings from Chinese yards fell 18.2%. (Seatrade Maritime News)

The Department of Transportation withdrew a proposed rule to require speed limiters on big rig trucks. (The Hill)

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.