For the first time in U.S. history, a single company would control coast-to-coast rail shipments, if a $71.5 billion merger deal between Union Pacific and Norfolk Southern is approved.

The Wall Street Journal’s Esther Fung writes that the biggest M&A deal so far this year would join 50,000 miles of railroad tracks from the Jersey Shore to ports in California if it passes regulatory muster. The Surface Transportation Board’s new chairman has said he plans to expedite rulings. Historically, regulators have been skeptical of deals to create a continent-spanning juggernaut. Worries include price hikes, service disruptions, accidents and less spending on safety.

Union Pacific says the merger would cut the number of interchanges for railcars moving across the country, improving service and increasing port access for manufacturers and farmers. Some shippers and labor unions, including SMART-TD, which represents conductors, oppose the deal, fearing job losses and poorer service.

United Parcel Service’s profit and revenue fell as its delivery fleet dropped fewer packages off at Americans’ doorsteps, sending shares down to their lowest close in more than five years.

The Atlanta logistics giant warned that economic visibility was still too poor to provide financial guidance for the year, the Journal’s Rob Curran and Denny Jacob write. UPS said that while the U.S. economy has demonstrated continued resilience, consumer sentiment near historic lows was weighing on the small package market.

The company’s trade route to China—its most profitable—saw average daily volume decline nearly 35% in the second quarter amid higher tariffs and the elimination of the de minimis exemption. Delivery expenses for UPS’ Ground Saver offering and volume declines from reducing work for Amazon also were higher than expected.

• Boeing’s brisker pace of plane deliveries lifted the company to its best quarterly financial performance since 2023, just before a midair door plug blowout exposed quality-control problems. (WSJ)
• Stellantis reinstated full-year guidance, saying it expects a sequential increase in revenue and profitability in the second half. (WSJ)
• Mondelez International posted higher profit and revenue as the snack company raised the prices of its chocolate products to offset continued inflation in cocoa costs. (WSJ)
• Whirlpool slashed its guidance for annual adjusted earnings and said it plans to cut quarterly dividends in half, hitting the appliance maker’s shares. (WSJ)
• Landstar System’s second-quarter net income fell 28% year-over-year as revenue declined, though truck revenue per load rose 3.2% from the previous quarter.
• Heartland Express said its quarterly net loss widened and revenue fell as capacity outpaced freight demand.
• CMA CGM reported a 21% drop in second-quarter net income as maritime activity slowed, and said disruptions in the Red Sea and Gulf of Aden continue to pose significant challenges.

President Trump’s tariff rollout has taken numerous twists and turns since launching earlier this year. The stakes are climbing ahead of Aug. 1, Trump’s self-imposed deadline for reaching trade deals.

A new standard of 15% tariffs on foreign goods appears to be taking shape. The European Union agreed to that level, as did Japan last week. But the outlook for many top U.S. trading partners has yet to come into clear focus. The Journal’s Chao Deng and Drew An-Pham explain what Trump’s tariffs have started, what he threatened and where he ended up.

• WSJ VIDEO: U.S. and Chinese trade negotiators discussed extending a tariff truce over two days of talks that ended Tuesday, but haven’t come to an agreement, with Treasury Secretary Scott Bessent saying the final decision lies with Trump. (WSJ)
• The 15% baseline tariff rate on imports could change if the EU doesn’t hold up its end of this past weekend’s trade deal, Bessent said. (WSJ)
• U.S. officials said they confirmed that Beijing would continue to allow for the export of rare earth magnets, part of the deal they brokered with the Chinese in June. (WSJ)
• The U.S. declined to ease restrictions on the sale to China of high-end microchips and equipment to make them, U.S. Trade Representative Jamieson Greer said. (WSJ)
• Brazil warned of a devastating hit to its orange growers if Trump goes ahead with a 50% tariff. (WSJ)

Fewer goods traded both ways across U.S. borders last month, but June’s goods-trade deficit fell 11% from May to $86 billion, as imports dropped more than exports. (WSJ)

The road ahead for the global economy has turned brighter this summer, though risks from the trade war remain, the International Monetary Fund said. (WSJ)

The Environmental Protection Agency is seeking to rescind a finding that greenhouse gases threaten public health that has been the basis for regulating truck, auto and aircraft emissions. (WSJ)

American consumers’ economic mood improved this month, but remained clouded by concerns about tariffs and the labor market, according to a Conference Board survey. (WSJ)

M&M’s maker Mars said it will invest $2 billion in its U.S. factories over the coming 18 months, adding to the $6 billion spent over the past five years. (WSJ)

Oilfield-services company Baker Hughes said it reached a $13.6 billion deal to acquire Chart Industries, which sells equipment for LNG plants and for cooling data centers. (Barron’s)

CBL Properties is buying four middle-market malls for $178.9 million, the latest sign that the mall sector’s recovery is extending beyond luxury and high-end properties. (WSJ)

CMA CGM  is interested in taking part in the possible sale of global ports by Hong Kong’s CK Hutchison, the carrier’s finance chief said. (Bloomberg)

China’s ports handled a total of 8.9 billion tons of cargo in the first half of 2025, up 4% year-over-year,  with container throughput rising 6.9% from the same period last year. (Seatrade Maritime News)

The U.S.’s Bollinger Shipyards, Canada’s Seaspan Shipyards, and Finnish companies Rauma Shipyards and Aker Arctic are joining on a bid to build the new class of Arctic cutter for the U.S. Coast Guard. (USNI 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.