Companies are leasing more custom-built warehouse space despite economic uncertainty, the world’s No. 1 owner of industrial real estate says.

Prologis says it logged more than $900 million in new development starts in the second quarter, well over the $324 million over the same period last year, the WSJ Logistics Report’s Liz Young writes. About 65% of the new projects were leased to tenants before construction started. Co-founder and CEO Hamid Moghadam says retailers, consumer packaged-goods companies and auto-parts makers are finding they need new space to grow into, even as they face questions about consumer demand, inflation and changing trade policy. Prologis raised its forecast range for new development starts to $2.25 billion to $2.75 billion from a previous estimate of $1.5 billion to $2 billion, driven by growing demand for build-to-suit space. Companies are betting they will need the new space by the time construction wraps up, Moghadam says.

Moghadam says leasing activity remains weak for warehouses built speculatively, with strong demand for renewals of existing leases. Prologis posted second-quarter revenue of $2.18 billion and core funds from operations of $1.46 a share, both beating market forecasts.

Beijing is threatening to block a deal that would transfer ownership of dozens of seaports to Western investors if China’s biggest shipping company doesn’t get a stake.

The proposed sale by Hong Kong’s CK Hutchison includes 40 ports around the world, including two at the Panama Canal. The WSJ’s Costas Paris and Jack Pitcher write that China is pushing for state-owned Cosco to be an equal partner and shareholder of the ports with BlackRock and carrier Mediterranean Shipping Co., according to people familiar with the matter. BlackRock and MSC in March reached a preliminary agreement with Hutchison to buy the ports in a deal valued at nearly $23 billion. The companies are open to Cosco taking a stake, the people said.

Bringing in a Chinese company would likely upset President Trump, who has threatened to take control of the canal and objected to Hutchison’s ownership of two ports there. A deal including Cosco can’t be done before an agreed July 27 end date for exclusive talks among BlackRock, MSC and Hutchison.

Canada will limit imports of foreign steel produced in countries other than the U.S. and Mexico, as the domestic sector reels from 50% U.S. tariffs on the metal.

Prime Minister Mark Carney said the import limits and tariffs targeting steel products with Chinese links are needed because Canada has relied too much on foreign steel, the WSJ's Paul Vieira writes. Carney cited data showing two-thirds of the metal consumed in Canada comes from abroad, compared with one-third for the U.S. and one-sixth in Europe. The changes, scheduled to take effect Aug. 1, also would guard against foreign steel entering Canada to bypass President Trump’s tariffs.

Countries without a free-trade agreement with Canada would be limited to half of 2024 import volumes, with shipments beyond that facing a 50% tariff. Countries with free-trade deals—excluding the U.S. and Mexico—are limited to shipments equaling 2024 volumes, with anything above that hit with a 50% tariff.

• The EU’s trade chief, Maroš Šefčovič, is expected to hold in-person meetings in Washington this week with Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer. (WSJ)
• Alcoa reported a higher second-quarter profit and said it mitigated U.S. aluminum tariff costs by redirecting Canadian aluminum to customers outside of the U.S. (WSJ)
• Johnson & Johnson expects a smaller hit from tariffs than it predicted earlier in the year, despite uncertainty over the prospects of new U.S. levies on pharmaceuticals. (WSJ)
• Kentucky bourbon makers once again find themselves in the crosshairs of possible retaliatory tariffs from the EU, the biggest export market for American whiskey, accounting for about $700 million in sales in 2024. (WSJ)
• Diageo CEO Debra Crew stepped down, as the world’s largest spirits maker grapples with a pullback in alcohol consumption and tariff uncertainty. (WSJ)

The Labor Department reported that prices charged by U.S. companies were flat in June after rising by an upwardly revised 0.3% in May. Producer prices are up by 2.3% over the past 12 months. (WSJ)

Europe’s exports to the U.S. fell to 46.2 billion euros, or around $53.6 billion, in May from 47.7 billion euros a month earlier, but remained higher than a year before. (WSJ)

The rate of annual inflation in the U.K. unexpectedly rose to 3.6%, up from 3.4% in May. (WSJ)

Trump said Coca-Cola agreed to use cane sugar in its namesake soda, following criticism of artificial sweeteners by his health secretary. (WSJ)

Nvidia’s CEO extolled China’s technological advances and praised its “best-in-the-world” electric vehicles during a visit to Beijing. (WSJ)

Ford Motor is recalling nearly 700,000 vehicles because possible fuel leaks could cause a fire, adding to the automaker’s record-breaking recall tally this year. (WSJ)

Jeep parent Stellantis will discontinue its development of hydrogen fuel-cells technology because it doesn’t expect the adoption of hydrogen-powered light commercial vehicles before the end of the decade. (WSJ)

Renault downgraded its full-year guidance and posted preliminary first-half numbers below expectations. (WSJ)

United Airlines posted a 3.8% rise in second-quarter cargo revenue to $430 million, as the company reset its profit guidance for the year on improved travel demand. (WSJ)

Canada’s Alimentation Couche-Tard ended its bid to buy Seven & i Holdings, the Japanese owner of the 7-Eleven chain of convenience stores. (WSJ)

A syndicate of lenders arranged by KKR is providing $675 million in credit to Sol Systems for “shovel-ready” solar power and storage projects. (WSJ)

Groups representing ports and shippers asked Congress to back a bill that would require processing fees to cover expenses related to customs inspection facilities. (Journal of Commerce)

Ian Bennitt has left his post overseeing Trump’s efforts to revive American shipbuilding on the National Security Council. (Reuters)

Yemeni government forces intercepted a shipment of 750 tons of weapons sent from Iran to Houthi militants. (Lloyd’s List)

The Port of Long Beach in June posted a 16.4% drop in containers processed, a contrast to the 8% increase at the neighboring Port of Los Angeles. (gCaptain)

The Wan Hai 503 is under tow and unable to find a port of refuge, over a month after an explosion and fire tore through the container ship off the coast of India’s Kerala state. (Seatrade Maritime News)

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.