President Trump announced a three-week extension for trading partners to negotiate trade deals, even as he renewed his threat to hit them with punishing tariffs.

A 90-day pause before so-called reciprocal tariffs would take effect was previously scheduled to expire at 12:01 a.m. Wednesday. In addition to signing an executive order extending that deadline, Trump sent letters to over a dozen countries outlining their tariff rates if they didn’t cut deals by Aug. 1, the WSJ’s Gavin Bade and Brian Schwartz report. On his Truth Social platform, Trump posted letters to the leaders of Japan, South Korea, Malaysia and others. Letters to other nations were nearly identical, with rates varying from 25% to 40%. These were generally closely tied to the ones set in April, some with slight differences. Japan’s new 25% rate is 1 percentage point higher than the original 24% rate, for instance.

The reciprocal tariffs wouldn’t be applied to products covered under Trump’s separate national-security duties, a White House official said. These include a 50% duty on steel and aluminum and 25% on automobiles. Similar tariffs for semiconductors, lumber, critical minerals and copper are being studied. U.S. officials have promised deals to cut tariffs in exchange for more market access and fewer regulations on U.S. firms.

• Trump’s threat of new tariffs on countries embracing the policies of the Brics group added fresh uncertainty to global trade and prompted pushback from Moscow and Beijing. (WSJ)
• The European Union still hoped to secure a bare-bones trade deal with the U.S. by July 9, with political- and technical-level contact continuing, a European Commission spokesperson said. (WSJ)
• Mercedes-Benz car and van sales fell 9% to 547,100 vehicles in the second quarter as the effect of Trump’s auto tariffs began to bite. (WSJ)

Tensions rose in the Red Sea as a second commercial vessel in as many days was reportedly attacked and the Israeli military carried out airstrikes on Yemen's Houthi militants.

On Monday, two crew members were reportedly hurt and two were missing following an attack on a vessel near Hodeidah with rocket propelled grenades from a small craft, the Journal's Dov Lieber and Benoît Faucon write. That attack came after Sunday’s Houthi-claimed strike on the Greek-owned, Liberian-flagged bulk carrier Magic Seas with gunfire from small arms and self-propelled grenades. The crew abandoned ship as it took on water and the Houthis' military spokesman told the Associated Press that the vessel sank. The militants say their attacks are in support of Palestinians in Gaza. They are the first since Trump announced a truce in May after he said the group promised to stop attacking Middle Eastern waterways. The Houthis had targeted over 100 commercial and military ships since November 2023, effectively freezing commercial shipping in the critical maritime corridor.

Israel’s military said its airstrikes on Yemen had been planned days in advance following several recent ballistic-missile attacks by the Houthis. It said it struck ports used to transfer Iranian weapons, a power plant used by the Houthis and a commercial vessel taken by the group in 2023.

• India said more than 150 seafarers stranded for months at Yemen’s Ras Isa Port had been released, with all 11 ships that had been detained at the port departing. (gCaptain)
• The Hong Kong-flagged product tanker Fulda exploded after offloading a cargo of methanol and departing the Indian port of Kandla. All 21 crewmembers were safely evacuated. (Maritime Executive)
• All 23 crewmembers were reported safe after two explosions hit the liquefied-petroleum-gas tanker Eco Wizard, spilling liquid ammonia at the Russian port of Ust-Luga. (Lloyd’s List)

Industrial production in Germany rose 1.2% in May from April, helped by its export-led car and pharmaceutical sectors. (WSJ)

South Korea’s legislature approved extra fiscal stimulus of more than $20 billion to support the sagging economy. (WSJ)

Canada’s finance minister instructed cabinet colleagues to find savings in their departments to fund new priority initiatives to help curtail a decade-long expansion in the federal public sector. (WSJ)

Brazil, Guyana and Argentina are forecast to drive more than 80% of growth in global oil production outside the OPEC bloc over the next five years. (WSJ)

Elon Musk’s business and political challenges in China are growing, as Tesla’s market share shrivels amid stiffer domestic competition and his public breakup with Trump limits his value to Beijing. (WSJ)

BlackRock agreed to acquire ElmTree Funds, an industrial real estate-focused private-equity firm that specializes in net-lease agreements. (WSJ)

LG Electronics guided for quarterly operating profit to nearly halve from a year earlier on higher U.S. tariffs and competition. (WSJ)

Shell expects its second-quarter performance to be hit by weaker trading in its core integrated gas division, which includes its market-leading LNG business. (WSJ)

CoreWeave will acquire Core Scientific, an owner and operator of digital infrastructure for bitcoin mining and hosting services in North America, in an all-stock deal valued at about $9 billion. (WSJ)

Levi Strauss is closing a distribution center in northern Kentucky near Cincinnati, affecting nearly 350 workers. (Retail Dive)

Nissan Motor is in talks with Foxconn to allow the Taiwanese electronics manufacturer to make electric vehicles at a Japanese plant as part of the automaker’s restructuring. (Nikkei Asia)

Norfolk Southern’s main line between Raleigh and Greensboro, N.C., was washed out in several locations by heavy rains from Tropical Storm Chantal. (Trains.com)

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.