Good morning, CFOs. Deere weighs prices increases; Trump tariffs blocked: What you need to know; retailers cheer trade-court surprise; plus, our weekly highlights.

Deere & Co. is considering a reshuffle of its production among existing factories globally and weighing price increases as it aims to offset more than $500 million in expected costs from the Trump administration’s new tariffs.

The Moline, Ill.-based farm equipment manufacturer on May 15 said it incurred about $100 million in tariff expenses in the latest quarter and expects more than $400 million in additional expenses through the end of its fiscal year in October. The company booked $7.1 billion in net income for the year ended last October, down 30% from a year earlier, and roughly $45 billion in net sales, down 19%.

At the same time as new tariff costs, Deere and other manufacturers continue to face weak demand for farm equipment from farmers grappling with lower crop prices and higher production costs.

📈 Economic Indicators

The Bureau of Economic Analysis releases the personal consumption expenditures price index for April.

The Institute for Supply Management releases its Chicago Business Barometer for May.

Why did the court strike down some tariffs?

The U.S. Court of International Trade ruled that President Trump didn’t have the authority to impose sweeping tariffs under the International Emergency Economic Powers Act of 1977, or IEEPA.

What tariffs are covered by the ruling?

The ruling voids many of the Trump's administration’s moves on trade. That includes fentanyl-related tariffs on Canada, Mexico and China; baseline 10% tariffs on most trading partners; and the higher "reciprocal" tariffs that are on hold while trade talks continue.

What tariffs aren’t affected?

Those that weren't justified under IEEPA. For instance, levies on autos, steel and aluminum aren't covered.

👉 For the full briefing, read on here.

• Tariff Ruling Put On Hold While Trump Administration Appeals
• Trump’s Team Plots Plan B for Imposing Tariffs
• Retailers Cheer Trade-Court Surprise, but Stick to Their Plans
• Tariff Ruling Is a Setback for Trump but Doesn’t End Trade War
• The Economic Arguments That Launched the Suits Against Trump Tariffs

📰 Other headlines

• Stocks Edge Higher; Court Stays Ruling Blocking Trump's Tariffs
• Trump Tells Powell He Is Making a Mistake by Not Cutting Interest Rates
• Ex-Goldman Banker Sentenced to Two Years in 1MDB Bribery Scandal
• Of Course Workers Want a Four-Day Week. Companies Should Too.
• CEOs Weigh in on Tariffs, the Economy at WSJ’s Future of Everything
• Costco to Rely on Advancing Orders, Production Shifts to Offset Tariffs
• Ben & Jerry’s Calls Gaza Conflict a Genocide, Putting Unilever in a Tough Spot
• Hormel Foods Trims Guidance, Citing Tariff Impact
• Out of DOGE, Elon Musk Returns to His Bruised Business Empire
• Google’s Future Awaits Judge’s Ruling
• Soaring Costs Expose a Trans-Atlantic Chocolate Divide

• Big private-equity firms increasingly are taking two different approaches as they strive to expand, with most following an “asset light” strategy.
• U.S. venture capitalists are racing to tap into China’s growing biotechnology prowess.
• Some of the U.S. banks that cut ties with a leading industry climate group have shifted how they talk about their climate efforts.
• Nespresso, purveyor of sophistication, wants to win over Gen Z coffee drinkers. It’s having to get more playful with its marketing to do so.

BDO USA, a Chicago-based accounting firm, said its board selected Matthew Becker as its new CEO, succeeding Wayne Berson, who plans to retire on June 30, 2026. Becker serves as the firm’s national managing principal of tax. Berson, who has been CEO since 2012, and Becker will hold meetings with the firm’s principals prior to a principal-wide ratification vote slated for July, the firm said. The board will announce Berson’s successor once the person is picked by a majority vote of principals, BDO said.

Zscaler, the San Jose, Calif-based cloud security company, said Kevin Rubin would be the cybersecurity company's next chief financial officer. Rubin is expected to succeed Remo Canessa, who announced his intention to retire last year and will remain with the company until the end of fiscal year 2025 in July to help with the transition. Canessa had been with the company since 2017. Rubin, who brings two decades of experience leading finance organizations at private and public companies, was the CFO at BetterUp since July. He also was CFO at Alteryx, leading the company's initial public offering and helping annual recurring revenue grow to $1 billion.

—Mark Maurer and Roshan Fernandez contributed to today’s Ledger

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.