Corporate America offered fresh looks into the effects of tariffs, with companies that produce cars, toys, meat and other mainstays warning of higher costs and prices, driving some to scrap their financial outlooks.

Ford Motor suspended its guidance for the year, the WSJ’s Christpher Otts reports. The F-150 maker said it couldn’t predict the full effects of President Trump’s trade policies, though it forecast tariff-related costs would knock about $1.5 billion off its adjusted pretax earnings. Economic uncertainty drove engine maker Cummins to withdraw its outlook as it posted lower quarterly sales. Mattel also discarded its financial forecast because it was too difficult for the biggest U.S. toy maker to model consumer spending, the Journal’s Connor Hart writes. The Barbie and Hot Wheels maker said it was planning to raise prices, lobbying the Trump administration to exempt toys from tariffs, and accelerating its shift of production out of China, where about 20% of its U.S. imports originate.

The biggest U.S. meat company said tariffs and economic uncertainty were slicing into Americans’ appetite for steaks and other pricey cuts, the WSJ’s Patrick Thomas and Dean Seal report. Tyson Foods’ bottom line also is under pressure from the lowest beef cattle supply since the Truman administration, leaving it to rely on its more profitable poultry operations.

• Tariffs threaten to disrupt semiconductor supply chains and raise costs, the CEO of German chip-making equipment supplier Suss MicroTec said. (WSJ)

The F-35 jet fighter has a sprawling international supply chain that illustrates how even the U.S. defense industry could be challenged by Trump’s trade policies.

The Journal’s Alistair MacDonald writes that the fighter made by Lockheed Martin has more than 1,900 suppliers from about a dozen countries that provide everything from chip boards to the pilot’s ejector seat. More than 80 parts come from one little-known company based in a quiet Danish suburb. Tariffs are primed to make many components and raw materials going into modern weapons more expensive. Defense companies are lobbying the White House for exemptions as tariffs cut into their earnings. RTX, for instance, makes the F-35’s sensors and engine, and expects to take an $850 million hit from new duties this year. 

Enormous state support unleashed under a decade-old industrial plan has enabled China to cut or curb its dependence on imports of rail and power equipment, medical devices, renewable energy and other critical products.

The Journal’s Lingling Wei writes that the “Made in China 2025” plan has been the centerpiece of leader Xi Jinping’s industrial ambitions and helped Chinese companies become more competitive globally, according to a study commissioned by the U.S. Chamber of Commerce. Among the industries to benefit is shipbuilding, a special target for the White House as it tries to revive the American maritime industry. The study is set to intensify the debate in Washington and elsewhere over how to counter Beijing’s use of state subsidies and other strategies. Still, the world’s second-biggest economy is stumbling under the weight of excessive debt, a crumbling real-estate market and other troubles, so much so that officials have stopped publishing hundreds of data points to control the narrative, the WSJ’s Rebecca Feng and Jason Douglas write.

• Trump is minimizing concerns over economic turmoil as he moves forward with trade talks, with the White House aiming to announce at least one deal in the coming week. (WSJ)

Oil prices slumped after OPEC and its allies agreed to a larger output hike for a second straight month. (WSJ)

Taiwan’s central bank denied speculation that the U.S. asked the island to lift the value of the Taiwan dollar. (WSJ)

Swiss consumer prices fell close to deflationary territory in April. (WSJ)

Sunoco reached a $9.1 billion deal to buy Canada’s Parkland, bringing with it a fleet of gas stations and a West Coast refinery. (WSJ)

Skechers agreed to be acquired by private-equity firm 3G Capital in a deal worth about $9.4 billion. (WSJ)

Audi backed its full-year financial forecasts, but didn’t include any potential hit from tariffs. (WSJ)

South Africa’s Gold Fields will acquire Australia’s Gold Road Resources for $2.4 billion. (WSJ)

Several European airlines cancelled flights to Israel’s Ben Gurion Airport following an attack by Yemen’s Houthi militia on Sunday. (WSJ)

Abu Dhabi’s AD Ports Group signed a 50-year concession deal with Egypt’s Suez Canal Economic Zone to set up a logistics and industrial zone. (Splash 247)

Rivian Automotive will invest $120 million in a new, 1.2 million-square-foot supplier park in Normal, Ill. (Bloomberg)

A salvage tug left Europe Sunday to assist a Maersk Line containership adrift in the Atlantic, but will take over a week to arrive. (Maritime Executive)

A group of state attorneys general is suing the Trump administration over its attempt to stop the development of wind energy on and offshore. (Associated Press)

The U.S. Coast Guard cleared Louisiana’s Bollinger Shipyards to start production of a new icebreaker. (WorkBoat)

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.