Detroit automakers blasted the Trump administration’s trade deal with Japan, even as global auto stocks rose on news of the pact.

The deal calls for tariffs on Japanese cars to be lowered to 15% from 25%, sending shares of Toyota and Honda sharply higher. The WSJ’s Ryan Felton and Stephen Wilmot write that the pact raised hopes for similar reductions in duties for vehicles imported from other countries–including trade deals that would benefit American automakers, which have a significant presence in Canada and Mexico. Shares of General Motors, Ford Motor and Stellantis all rose, but the head of the industry body representing Detroit’s Big Three said the agreement was a bad deal.

The auto sector also has been a key sticking point for the European Union. The Journal’s Kim Mackrael writes that the EU is negotiating an outline trade deal that would mirror Japan’s, with a baseline tariff of 15%. EU officials are discussing terms with U.S. counterparts who appear to be on board with that tariff level, people familiar with the matter said, though any agreement would need Trump's signoff. The EU could also get 15% tariffs for cars, as Japan did, one person said.

• Swedish steelmaker SSAB will cut production and staffing as customers wait out trade and tariff turbulence. (WSJ)
• Freeport-McMoran expects an annual benefit to its U.S. sales of about $1.7 billion thanks to the U.S. copper-price premium following Trump’s pledge to slap a 50% tariff on imports of the metal. (Dow Jones Newswires)
• At least four ships are racing to reach U.S. ports with loads of copper before the 50% tariff on the metal is scheduled to kick in Aug. 1. (Bloomberg)

Home prices rose to a new high in June while the crucial spring sales season fizzled, dimming the prospects for a housing-market recovery this year. The Journal’s Nicole Friedman writes that would-be buyers shied from the market during the usually busy spring. With soaring prices and mortgage rates above 6.5%, many people can’t afford a house.

Nevertheless, stocks of big homebuilders and suppliers extended gains made Tuesday following rosier-than-expected earnings reports from D.R. Horton and PulteGroup, which said it was optimistic about consumers’ response to rate pullbacks in late June. Builders Firstsource, TopBuild, Installed Building Products, Home Depot and Lowe’s all ended the session higher on Wednesday.

Fossil fuel-derived virgin polyester makes up 57% of total global fiber production, contributing to growing greenhouse-gas emissions from the apparel industry, a new industry report shows. The WSJ’s Clara Hudson writes that this jump in emissions–up 7.5% in 2023–is the first year-over-year increase since the Apparel Impact Institute began issuing its annual report in 2019.

The apparel sector made up 2% of the world’s total greenhouse-gas emissions in 2023, with the jump fueled by fast-fashion production and as the share of more-expensive recycled fabric fell. Some companies are trying to curb the industry’s pollution, investing in recycled leather and using AI to guide made-to-order methods that cut waste.

CSX logged lower quarterly profit and revenue, driven lower by declines in export coal prices, fuel surcharges and merchandise volume. Total volume was flat year-over-year. (WSJ)

Knight-Swift Transportation Holdings posted higher quarterly profit as the trucking company’s cost-cutting moves overcame pressure on volumes and pricing.

Tesla’s profit fell as EV demand declined and CEO Elon Musk’s political activities put off some would-be buyers. (WSJ)

Walmart hired Instacart executive Daniel Danker as head of the retail giant’s global AI acceleration, product and design. (WSJ)

Hasbro raised its outlook for the year and said it expected a full-year tariff hit to come in at the lower end of its expected range. (WSJ)

Mattel reinstated its full-year outlook, though at a lower level than before, saying toy demand has held up better than expected and the tariff backdrop was improving. (WSJ)

French-fry maker Lamb Weston Holdings plans to trim its workforce as part of a strategic plan to cut costs. (WSJ)

Several states are suing Temu, accusing the Chinese-owned e-commerce company of sharing sensitive data from online shoppers with the Chinese government. (WSJ)

The family office of the founder of Zara owner Inditex agreed to buy a 49% stake in the U.K.’s PD Ports from Brookfield Asset Management. (Financial Times)

TotalEnergies and CMA CGM said in a news release that they would jointly develop an LNG bunker supply vessel at the port of Rotterdam, Europe’s largest.

Mediterranean Shipping, also known as MSC, will launch a new direct Australasia-to-U.S. East Coast service in February. (The Loadstar)

MSC has a total of 74 ultra-large containerships on order after adding 20 fresh contracts and order upgrades with Chinese shipyards. (TradeWinds)

Russia began navy drills with more than 150 vessels and 15,000 military personnel in the Pacific and Arctic oceans and in the Baltic and Caspian seas. (Reuters)

Japan’s NYK, MSC’s Africa Global Logistics and Toyota Tsusho opened Egypt’s first finished-vehicle logistics terminal in East Port Said. (Seatrade Maritime 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.