China relaxed, but didn’t release its grip on rare-earth exports in a trade truce it reached with the U.S. in London this week.

The WSJ’s Lingling Wei, Brian Schwartz and Gavin Bade write that Beijing is putting a six-month limit on licenses to export the critical minerals for U.S. automakers and other manufacturers, maintaining China’s leverage if trade tensions flare again. Chinese negotiators agreed to start approving rare-earth license applications for American companies right away, pending the signoff of President Trump and Chinese leader Xi Jinping on the trade framework, a person with direct knowledge of the matter said. In exchange, the U.S. will relax some recent restrictions on the sale to China of jet engines and parts, and ethane–an important component of plastics production. Details of the framework to uphold the agreement forged in Geneva are still being worked out.

In the short term, at least, the U.S. tariffs on China won’t go up, Commerce Secretary Howard Lutnick said after the London deal was struck. It wasn’t clear whether he meant rates are locked in indefinitely, or still subject to the 90-day window agreed to in May.

• Trump’s tariffs will likely remain in effect for at least the next two months, with a federal appeals court saying it intends to hear arguments on July 31 as it extended its pause on a trade-court decision voiding many duties. (WSJ)
• Treasury Secretary Scott Bessent said the U.S. might extend a 90-day pause on reciprocal tariffs for trading partners the administration views as negotiating in good faith. (WSJ)
• The president of the United Auto Workers union–a frequent critic of Trump–said GM’s plan to invest in U.S. factories shows auto tariffs are working. (WSJ)
• The delivery fee tacked on aluminum purchases in the U.S. has surged in the past week in response to the doubling of the tariff on imports of the metal. (WSJ)
• The U.S. ambassador to Canada said Trump is keen to conclude a new pact with Ottawa, with the possibility of a breakthrough at the coming G-7 summit in Alberta. (WSJ)

Duties generated $37.8 billion in revenue for the U.S. in April and May, after Trump imposed new tariffs on steel, aluminum, cars and goods from China, Mexico and Canada. The Journal's Inti Pacheco reports that the tally, while a big jump, still falls short of the amount Trump has said the U.S. is bringing in. The $22 billion in duties collected in May made up 6% of the government’s monthly income. This was up 42% from the $15.6 billion the U.S. received in April, according to Treasury data. 

Canada’s Davie Shipbuilding aims to buy a Texas ship-repair facility and start building Arctic-ready icebreakers for the U.S. The WSJ’s Paul Berger and Daniel Michaels write that Davie is in advanced talks to buy shipyard assets in Galveston and Port Arthur from Gulf Copper & Manufacturing. The talks come as Trump has called for a revival in American shipbuilding and icebreaker production. Icebreakers are vital to the U.S.’s ability to flex its muscle as competition over the resource-rich Arctic intensifies. The U.S. has three Arctic-ready icebreakers in service, while Russia has a fleet of nearly 50. Davie, which is owned by U.K.-based marine industrial group Inocea, plans to invest $1 billion to modernize and expand capacity at the Texas yards. Last week, the Coast Guard said the first polar icebreaker it had acquired in 25 years, the Storis, started its maiden voyage.

U.S. inflation was tame in May, with consumer prices rising 0.1% over the previous month, defying fears that the effects of tariffs would start to show a rise in prices. (WSJ)

The Environmental Protection Agency proposed weakening air-pollution standards for mercury and eliminating carbon dioxide rules on power plants, reversing Biden-era policies. (WSJ)

Tesla CEO Elon Musk expects the company to launch its robotaxi service on June 22 in Austin, though that date could shift. (WSJ)

DHL Group plans to invest over $571 million in the Middle East, with a strategic focus on the expanding Gulf markets of Saudi Arabia and the United Arab Emirates. (WSJ)

Zara owner Inditex posted quarterly sales below analysts’ expectations, with growth slowing as the fast-fashion industry grapples with global trade disputes. (WSJ)

Women’s apparel company J.Jill withdrew its outlook for the year, citing macroeconomic uncertainty and the company’s recent leadership transition. (WSJ)

A cyberattack disrupted operations at United Natural Foods, a major distributor for Whole Foods Market and other chains, emptying shelves at some stores around the country. (WSJ)

Guangzhou Automobile and at least nine other Chinese automakers committed to paying suppliers within 60 days, as a price war in the EV market affected operations of companies in the supply chain. (WSJ)

Japan’s Marelli filed for bankruptcy and expects to continue operating in a deal with creditors and lenders that will provide the auto-parts supplier more than $1 billion to finance its restructuring. (WSJ)

CSX locomotive engineers voted to ratify a five-year collective bargaining agreement covering 3,400 workers that includes wage increases and improvements in health and welfare. (Dow Jones Newswires)

Canadian National plans to invest $170 million in its Illinois rail operations, including the construction of a 900-acre Chicago Logistics Hub about 50 miles outside the city. (Journal of Commerce)

JP Morgan’s shipowning unit, Global Meridian Holdings, is selling for about $30 million each two 49,999 deadweight-ton medium-range tankers it bought in 2019 for $27 million apiece. (Splash 247)

Steelmaker ArcelorMittal is closing its wire-drawing mill in Ontario, as Canada’s steel sector wrestles with the effects of U.S. tariffs. (Bloomberg)

Japan’s largest power generator, Jera, agreed to buy up to 3.5 million metric tons of liquefied natural gas a year from three U.S. suppliers. (Nikkei Asia)

Mediterranean Shipping has acquired 33 containerships from the secondhand market since January, with four sale-and-purchase deals just in the past week. (Lloyd’s List)

Police in India’s Kerala state registered a criminal case against Mediterranean Shipping in connection with the May 24 sinking of the containership MSC ELSA 3. (The Indian Express)

Heavy electric-truck adoption was mostly flat in 2024 from the year before, with cargo vans representing 91% of all zero-emissions-truck deployments, according to a Calstart report. (Commercial Carrier Journal)

United Parcel Service is adding a weekly freighter flight between Delhi and its Cologne, Germany hub, as demand for Indian goods increases in Europe and the U.S. (Air Cargo News)

Autonomous-truck company Plus will make a second IPO attempt after agreeing to merge with blank-check company Churchill Capital Corp IX. (Transport Topics)

Australian authorities seized more than 250 kilograms of cocaine worth over $50 million found in a shipping container that had recently arrived by sea. (Australian Broadcasting Corp.)

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.