Good morning, CFOs. U.S. and British officials hammer out the outlines for a trade deal; Shopify aims to help merchants plan for tariffs; plus, Cadwalader, Wickersham & Taft faces an exodus of lawyers.

President Trump said Thursday his administration and the U.K. agreed to the outlines of a deal on trade, the first in what the White House hopes will be a series of agreements in the wake of U.S. tariffs imposed on allies and adversaries alike.

“It’s very conclusive and we think everyone’s going to be happy,” Trump said. “Many countries want to make a deal, and many countries are very unhappy that we happened to choose this one,” he said.

The pact, which appeared to have been put together hastily by U.S. and British officials, is fairly limited in scope. The Trump administration agreed to roll back tariffs imposed on British steel and automobiles in exchange for purchasing Boeing jets and giving American farmers greater access to U.K. markets.

Under the deal, most U.K. goods will still be subject to the global 10% tariff the U.S. imposed on all countries in April. But U.K. steel and aluminum will be exempt from the U.S.’s 25% levy and U.K. car tariffs will be lowered to 10% from 25% for the first 100,000 vehicles.

In return, the U.K. is cutting tariffs on some U.S. beef imports from 20% to zero. The U.K. will also cut tariffs on ethanol. U.K. officials say that they are continuing to negotiate with Trump officials to reduce the baseline 10% tariffs the U.S. imposed. U.K. officials said the legal framework for the tariff reductions had yet to be signed.

• Auto Deal Good for Both U.S. and U.K., Commerce Head Says
• Lutnick Says a U.K. Airline Will Buy $10 Billion Worth of Boeing Jets
• Cars, Drugs, Oil: The Most-Traded Goods Between the U.K. and U.S.
• EU Targets American Aircraft, Car Parts for Possible Tariffs if Talks Fail

📆 Earnings

• Plains All American Pipeline

Shopify said it is helping merchants stay ahead of fluid trade policies, but downplayed broader economic negative effects that tariffs have had on business.

Meanwhile, the e-commerce platform’s first-quarter gross merchandise volume came in just shy of expectations, underscoring margin pressures even as the company posted solid revenue growth and an upbeat guidance.

“It’s still early to assess the full impact of the current trade environment,” President Harley Finkelstein said on a call to investors. But the e-commerce platform is still making sure its merchants are one step ahead of the changing trade climate, for instance by helping U.S. merchants collecting and remitting duties and taxes while managing other markets independently.

• Aperol Maker Campari’s Sales Miss Expectations Amid Tariff Threats

Cadwalader, Wickersham & Taft struck a deal with President Trump last month intended to secure the future of New York’s oldest law firm. Instead the pact is backfiring, adding to an exodus of lawyers that has placed the firm on uncertain footing.

📰 Other headlines

• Exclusive: Coinbase Strikes $2.9 Billion Deal for Major Crypto Options Platform
• Volkswagen Recalls ID. Buzz Because the Back Seat Is Too Big
• Expedia Revenue Misses Views On Weaker-Than-Expected U.S. Demand
• Bill Gates Plans to Give Away More Than $200 Billion Over 20 Years
• American Is Elected Pope for First Time
• Beverage and Snack Giants Defend Sustainable-Packaging Plans Amid Investor Pressure

• 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.

Mattel, the El Segundo, Calif.-based toy company, appointed Paul Ruh as its chief financial officer, effective May 19, succeeding Anthony DiSilvestro, who announced his retirement in January. As financial chief, Ruh will oversee Mattel's global finance organization, including financial planning and analysis, real estate, internal audit, investor relations, tax and treasury. He will additionally helm the company's global technology organization, the maker of Hot Wheel cars and Uno playing cards said Thursday.

San Jose, Calif.-based Western Digital hired Kris Sennesael as its CFO, effective May 12. With more than 25 years of experience in finance and general management across the semiconductor and technology industries, Sennesael most recently served as CFO at Skyworks Solutions. Sennesael will lead Western Digital's global finance organization including finance, accounting, financial reporting, tax, treasury, internal audit, corporate real estate and investor relations.

ACI Worldwide, the Elkhorn, Neb.-based payments technology company, said its top finance executive, Scott Behrens, plans to retire. Behrens, currently executive vice president and chief financial and accounting officer, will depart on a date to be determined. The company said it is in the process of identifying a successor to Behrens, who joined ACI in 2007 and has been finance chief since March 2008.

—Connor Hart and Colin Kellaher contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.