The U.S. and China agreed to slash tariffs on imports of each other’s products in a surprise de-escalation of tensions.

The WSJ’s Brian Schwartz writes that President Trump's "reciprocal" tariffs will fall to 10% from 145%. Chinese retalitatory duties on U.S. imports also will be cut to 10% from 125%. The two countries said they will set up a mechanism to continue discussions about trade relations in an announcement capping two days of marathon talks in Geneva. A separate 20% U.S. tariff related to fentanyl will stay in place. This means most Chinese imports into the U.S. will face a 30% tariff overall. There are also separate levies on imports of steel, aluminum and autos, as well as some specific duties on Chinese goods still in place from Trump’s first term and former President Biden’s term. The levy cuts would last for 90 days while talks continue.

As a follow-up to the weekend talks, senior executives from state-owned Cosco Shipping are planning on traveling to Washington this week to meet with U.S. officials.

• Chinese leader Xi Jinping sent Wang Xiaohong, his top public-security aide to the trade talks, signaling the importance of the fentanyl issue to bilateral relations. (WSJ)

The little noticed, rote work of free trade’s heyday has become the hottest job in town on the U.S. border.

Thanks to their knowledge of the Byzantine ins-and-outs of cross-border trade rules, customs brokers in Laredo, Texas, and other border towns have been bombarded with pleas to help clients rejigger their supply chains to mitigate the costs of new tariffs. The WSJ’s Kejal Vyas writes that these brokers are serving as accountants, lawyers, consultants and, at times, fortunetellers for importers desperate for clarity on shifting U.S. policies. Filings that used to require a single code to determine the duty on a product now call for three to five to factor tariffs and customs guidelines. Much of the work is manual, since programs haven’t been developed yet to handle new policies. Systems and databases often lack guidance on what formulas to use, exposing brokers and clients to fines or overpaying.

Trump’s pick for postmaster general faces a daunting task leading a service that has been hemorrhaging money as it struggles to meet its mandate to serve about 168 million addresses, six days a week.

It wouldn’t be David Steiner’s first big turnaround project, however, the WSJ’s Esther Fung writes. He spearheaded the early 2000s comeback of Waste Management where, as CEO, he streamlined operations, improved the company’s finances and safety and tried to boost morale after an insider-trading scandal. Steiner says he wants the U.S. Postal Service to remain an independent agency, even as Trump has raised the idea of folding it into the Commerce Department. Steiner will step down as a director at parcel-delivery competitor FedEx before his expected start in July.

Steiner has proven to be lucky in the past: When he went to work at Waste Management, he turned down an offer from Enron.

Canada’s unemployment rate pushed to a five-month high in April and hiring all but ground to a halt. (WSJ)

Newark, N.J.,'s airport controllers briefly lost radar and communications Friday morning, the second such breakdown in two weeks. (WSJ)

DP World agreed to expand the Port of Caucedo and free trade zone in the Dominican Republic for $760 million. (Dow Jones Newswires)

British Airways owner International Consolidated Airlines ordered 53 planes from Boeing and Airbus, despite uncertainty over trade tensions. (WSJ)

Panasonic Holdings plans to cut about 10,000 jobs globally as it streamlines operations. (WSJ)

Hub Group said domestic intermodal volumes could drop on the West Coast between mid-May and the end of June as a result of tariffs on China. (Journal of Commerce)

The Trump administration is investigating whether imported aircraft, jet engines and parts constitute a security threat, a first step toward imposing tariffs. (Bloomberg)

Ocean carriers are suspending at least six weekly China-U.S. sailings in response to tariffs. (Reuters)

Ontario officials expressed interest in developing a seaport on Canada’s James Bay, southeast of Hudson Bay. (Maritime Executive)

Salaries in the logistics industry rebounded from a year-over-year decline in 2023 to rise 17% last year, a survey showed. (DC Velocity)

United Parcel Service is closing five facilities in Massachusetts, Pennsylvania and Wisconsin and cutting a shift at an Ohio site as it overhauls its network. (Supply Chain Dive)

Airline Avianca Cargo said it transported a record 20,100 tons of flowers for the Mother’s Day season, a 15% increase from last year. (Air Cargo News)

Thefts of cargo from trucks, warehouses and train cars are surging in the U.S., with $455 million in total reported losses last year, according to Verisk CargoNet. (CNBC)

Sixteen states joined to sue the Federal Highway Administration over the termination of $1 billion in approved grants for electric-vehicle charging infrastructure. (Transport Topics)

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.