President Trump said the Strait of Hormuz would be fully open Friday, the same day Washington and Tehran plan to complete a peace deal in Switzerland. But senior U.S. officials, briefing reporters at the same time the president spoke, said it could take more than two weeks to resume normal shipping operations in the strategic waterway.

How Trump handles Iran, after reaching the memorandum of understanding, is set to dominate a series of meetings this week with G-7 allies, the WSJ’s Alexander Ward, Robbie Gramer and Natalie Andrews write. Trump is expected to ask them for help in demining the strategic waterway, and he will have to convince them that he can compel commercial-shipping companies to resume normal operations in the strait.

Even though oil prices fell sharply on news of the peace deal, energy traders and executives say the market for oil and other critical products will remain tight for weeks and potentially months while vessels reposition, damaged infrastructure is assessed and repaired, and drained inventories are rebuilt.

• Wagers placed on Kalshi show that traders believe traffic through the strait won't normalize for some time, reflecting the logistical challenges of reopening the waterway. (WSJ)

Canada’s priority in trade talks with Washington is to seek relief from hefty U.S. tariffs on steel, aluminum, autos and other key industrial sectors, the country’s ambassador to the U.S. said.

Former BlackRock executive Mark Wiseman told a Toronto business audience that Canadians shouldn’t get too focused on the formal review process starting July 1 of the existing U.S.-Mexico-Canada trade treaty, known as the USMCA. He said senior Trump officials have indicated they are eager to keep the pact intact, although with changes, the Journal’s Paul Vieira reports.

Even if there is no agreement to renew after July 1, the USMCA’s terms will remain in place until 2036. Canadian officials, instead, are preoccupied about the sector-specific tariffs of up to 50%, which are squeezing segments of the country’s manufacturing sector.

New-car sales in China, the world’s largest new-vehicle market, fell by more than a fifth in May from a year earlier to around 1.5 million vehicles, the eighth straight month of declines.

These troubles at home are pushing Chinese carmakers—including foreign brands that manufacture there—into an even more aggressive expansion overseas, the Journal’s Stephen Wilmot and Raffaele Huang write. The Chinese auto industry shipped 784,000 cars abroad in May, according to the association, 75% more than in the same month last year.

Outside of the U.S., where high tariffs and other restrictions keep Chinese cars out, the rapid growth of Chinese vehicle exports has raised alarm bells and prompted moves to restrict trade. China’s carmakers have responded by building factories and joint ventures, particularly in Europe.

• U.S. industrial production rose by 0.1% in May, according to Federal Reserve data. (WSJ)
• Eurozone industrial output edged 0.1% higher in April. (WSJ)
• Factory activity in New York State grew less than expected in June, with the Empire State Manufacturing Survey index falling to 5.7. (WSJ)
• France’s Schneider Electric said it would join with Taiwanese electronics giant Foxconn to develop AI data centers. (WSJ)
• Renault and Thales together will produce a prototype of a tactical vehicle for land forces. (WSJ)
• Anterra Capital raised $100 million for a food-and-agriculture venture-capital fund, aiming to reach $200 million by year-end. (WSJ)
• The Supreme Court let stand a 2025 appeals court ruling upholding tariffs on China imposed during President Trump’s first term. (Bloomberg)
• Increasing electric-vehicle waste is prompting the Japanese government to consider requiring automakers to collect used batteries. (Nikkei Asia)
• CMA CGM agreed to acquire Crystal Aero Solutions, a provider of maintenance for cargo and passenger aircraft. (Air Cargo News)
• Daimler Truck said German logistics company Dachser in December will be the first customer to use Mercedes-Benz NextGenH2 hydrogen fuel-cell electric tractors. (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.