No matter how many detours Washington takes, the road to electric vehicles will eventually run through China. So says Robin Zeng, the Chinese billionaire who runs the world’s largest battery company, CATL.

The WSJ’s Yoko Kubota and Christopher Otts write that U.S. proponents of greater cooperation with CATL say the company holds the key to affordable EVs. Otherwise, they say, the U.S. may never catch up to China.

Washington views CATL as a geopolitical threat to be warded off with tariffs and national-security curbs. But that hasn’t stopped the Chinese company from becoming a battery supplier to an estimated one in three EVs worldwide.

Today, U.S. companies are paying hefty levies or finding workarounds to access CATL’s expertise. Ford is licensing the company’s intellectual property to build CATL-designed batteries at a $3 billion factory in Michigan. General Motors is set to import China-made CATL batteries for its new Chevrolet Bolt—albeit by swallowing a 60% tariff.

Critics say embedding CATL in U.S. supply chains would make America more vulnerable to economic coercion and undercut the chances of American battery companies catching up. Many are skeptical America will welcome a full-fledged presence for Zeng and CATL. At least, for now.

• Tesla notched its first increase in European monthly sales in more than a year. (WSJ)

The Chinese Communist Party’s campaign against drinking is causing a hangover for global wine markets. The WSJ’s Jon Emont reports that a tough Chinese economy coupled with leader Xi Jinping’s crackdown on unbecoming behavior by government officials is undermining what was once one of the world’s most lucrative markets for wine. Plummeting Chinese imports are forcing vineyard owners from Bordeaux to Australia to rip up vines and leave grapes to rot in the fields.

The plunge in Chinese drinking has been devastating for winemakers who had come to rely on China as consumers elsewhere, including in Europe, drink less. Pernod Ricard and Diageo, two European drinks companies, are seeing double-digit drops in China sales. Last year, Bordeaux’s exports to China decreased 28% in volume terms and are now less than a quarter of the volume in 2017, when China was the region’s top export destination.

Business activity in Europe and parts of Asia slowed as energy prices and uncertainty were driven higher by the war in the Middle East. (WSJ)

South Korean chip maker SK Hynix plans to buy about $8 billion of advanced chip equipment from Holland’s ASML on surging artificial intelligence demand. (WSJ)

Chinese electronics maker Xiaomi reported a slump in quarterly net profit, caught between soaring memory-chip prices and subdued consumption in China. (WSJ)

Estée Lauder is in talks to acquire Spanish beauty group Puig Brands. (WSJ)

U.S. asset manager Apollo Global Management is acquiring Nippon Sheet Glass in a deal with an enterprise value of about $3.7 billion. (WSJ)

China doesn’t appear to be rushing to capture Taiwan, but instead squeezing it slowly to make resistance costly and tiring. (WSJ)

FedEx is teaming up with last-mile delivery provider OneRail to offer same-day delivery service. (WSJ)

United Airlines will add more than 250 planes over the next two years with a focus on boosting premium capacity. (WSJ)

Iran started charging transit fees of up to $2 million on some commercial vessels passing through the Strait of Hormuz. (Bloomberg)

The Federal Maritime Commission rejected requests from four ocean carriers to waive a notice period to implement surcharges tied to the war in the Middle East. (Journal of Commerce)

The state of Georgia suspended its fuel tax for 60 days to help truck drivers deal with skyrocketing fuel prices. (Overdrive)

The Turkish military destroyed an armed unmanned surface vessel after it washed ashore on Turkey’s Black Sea coast. (Marine Insight)

Mark R. Long is editor of WSJ Logistics Report. Reach him at mark.long@wsj.com.

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