The Trump administration is planning to temporarily reduce tariffs on beef imports, according to people familiar with the matter, in an effort to lower record-high beef prices. 

The move would suspend the annual tariff-rate quota—which applies a higher tariff rate after a certain level of beef imports are reached—on all beef-exporting nations, enabling more of the product to enter the U.S. at low rates. The WSJ’s Patrick Thomas, Gavin Bade and Lindsay Wise write that the White House also plans to direct the Small Business Administration to increase loans and access to capital for U.S. ranchers.

The administration is also aiming to reduce protections for gray and Mexican wolves under the Endangered Species Act, a focus of rancher complaints. It will also reduce some regulations for U.S. cattlemen, such as requiring them to use electronic ear tags on livestock.

• Fertilizer and mining company Mosaic said it would curtail some production, cut capital spending and reassess operating plans as prices surge for key ingredients such as sulfur, ammonia and urea. (WSJ)

For the first time, China exported more EVs and plug-in vehicles than gasoline or diesel cars in April, as automakers expanded aggressively overseas to offset subdued demand in the domestic market, the Journal’s Jia Huang writes.

China exported 769,000 automobiles in April, with new-energy vehicles such as EVs and plug-in hybrids accounting for 52.7% of total exports, the China Passenger Car Association said. Exports of new-energy vehicles more than doubled to 406,000 units in April from a year earlier, the data showed.

The surging exports came as the domestic market continued to face pressure from falling Chinese consumer confidence and a bleak job market. Leader Xi Jinping has prioritized national security over the economy in service of a “national rejuvenation” grounded in military might and industrial strength.

This strategy will likely be on full display when President Trump travels this week to Beijing, the Journal’s Brian Spegele writes. But these policies aren’t generating enough jobs or investment to keep overall economic growth from slowing.

• China’s factory-gate inflation climbed 2.8% in April from a year earlier, ending a 41-month deflationary cycle. (WSJ)
• Elon Musk, departing Apple CEO Tim Cook and BlackRock CEO Larry Fink are among more than a dozen top U.S. business leaders set to accompany Trump to China this week. (WSJ)

The blockage in the Strait of Hormuz is boosting Panama Canal ship crossings and transit fees to multiyear highs, the WSJ’s Costas Paris writes, as Asian buyers book oil cargoes from the Americas to replace lost barrels from the Middle East.

The Panama Canal Authority said there was an average of 39 daily transits in April, the largest such tally in more than three years. There were 313 tanker transits through the panamax locks, 14% more than the previous month and 50% more than the monthly average before the start of the war.

Twelve LNG gas-carriers crossed the Central American waterway in April, the highest number in three years, driven by demand from importers in Japan and Korea. Crossing fees averaged $380,000 a ship in April, almost six times higher than before the start of the war.

• Saudi Aramco’s CEO said the global oil market could lose 100 million barrels of supply weekly if the Strait of Hormuz remains closed. (WSJ)
• China detained 136 Panamanian-flagged vessels last month, over six times as many as last year’s average, amid a lingering dispute over Panama Canal terminal operations. (ShippingWatch)
• The U.S. Navy released a plan to expand its fleet, including $65.8 billion of shipbuilding investment in fiscal year 2027. (gCaptain)

• Home sales were flat in April, dealing a blow to a housing industry that was counting on a strong spring season to emerge from an extended slump. (WSJ)
• The Conference Board’s Employment Trends Index rose to 105.77 in April, reflecting a relatively healthy U.S. labor market. (WSJ)
• SoftBank Group launched a battery business through its telecommunications arm to meet surging electricity demand from AI. (WSJ)
• Dream Finders Homes publicly submitted a bid to acquire Beazer Homes USA for about $704 million. (WSJ)
• Rheinmetall and Deutsche Telekom will develop a drone defense shield for critical infrastructure in Germany. (WSJ)
• Prosus agreed to sell around 5% of its Delivery Hero stake to Aspex Management for around $394.9 million. (WSJ)
• Japan’s Ocean Network Express, known as ONE, signed a $1.2 billion order for six dual-fuel LNG containerships from South Korea’s HD Hyundai Heavy Industries. (Journal of Commerce)
• SEG Solar plans to spend $200 million on a new Houston manufacturing facility. (SupplyChain24/7)
• FedEx and United Parcel Service have increased international fuel surcharges and added new shipping fees this month. (SupplyChainDive)
• FedEX returned two MD-11Fs to service, after the freighter aircraft were grounded following the fatal UPS crash in November. (Air Cargo News)
• The U.S. Army Corps of Engineers canceled its contract with Shimmick Construction at the Chickamauga Lock Replacement Project, in a setback to the delayed Tennessee River navigation upgrade. (WorkBoat)

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.