European Union negotiators said they reached a provisional deal to remove some tariffs on U.S. imports as part of a trade deal signed last summer, ahead of a U.S. deadline to ramp up tariffs on cars.

The Wall Street Journal’s Ed Frankl and Edith Hancock write that the move marks an important step in what has been a tumultuous period for trans-Atlantic trade. Lawmakers in Brussels had paused their ratification of the deal more than once this year after the U.S. Supreme Court ruled that some of Trump’s so-called reciprocal global tariffs were illegal, and when Trump threatened to raise tariffs on nations that opposed his desire to acquire Greenland.

Trump later said he would impose new 25% tariffs on EU car imports if Europeans didn’t implement the agreement by July 4, after U.S. officials grew frustrated with the pace of progress in Brussels. The agreement reached Wednesday paves the way for a final vote in the European Parliament ahead of Trump’s deadline.

Target posted its strongest quarterly sales gain in years, in a sign that new strategies to attract shoppers are starting to bear fruit, though company executives sounded a note of caution about the challenges still ahead.

The Journal’s Sarah Nassauer writes that Target’s comparable sales rose 5.6% in the three months ended May 2. That is the biggest quarterly increase since early 2022. The results are up against a big sales dip in the same quarter last year, but Target also sees shoppers gravitating to some of its refreshed product assortment and customer-service changes.

Executives said results might not be as strong in the current quarter, however, as the same quarter last year got a boost from the release of a new gaming console. In addition, some shoppers likely spent more freely at the start of this year because of tax refunds, and the macroeconomic environment remains unpredictable.

• Lowe’s reported higher sales boosted by growth in its online channel, even as a stagnant housing market continues to weigh on home-improvement activity. (WSJ)
• T.J. Maxx parent TJX Cos. reported higher sales and net income, with profit helped by hedges against rising fuel prices, prompting it to raise its full-year guidance. (WSJ)
• Tariffs remain a wild card for Hasbro, and higher oil prices are expected to result in a roughly $30 million cost headwind for the year, the toymaker’s CEO said. (WSJ)

Canada needs to quickly improve the efficiency at its ports to achieve the goal of rebuilding economic resilience and reducing reliance on U.S.-bound exports to drive growth, according to Prime Minister Mark Carney.

He said it takes much too long for goods that land at the country’s ports to make their way to other parts of the country, partly due to port capacity, and partly because of rail interconnections. The lack of capacity at the country’s 17 main marine terminals has threatened to thwart trade-diversification efforts and make life costlier for Canadians, the central bank has said.

Carney has set a goal of doubling by 2035 the value of non-U.S. exports, or roughly $220 billion in new orders for Canadian commodities, goods and services.

• Oil futures fell after three tankers passed through the Strait of Hormuz and President Trump suggested the war with Iran could be winding down. (WSJ)
• Qatar Airways said its cargo division transported 1.43 million metric tons of freight last fiscal year, accounting for 12% of the global air-cargo market. (WSJ)
• Cargill locked out about 2,000 employees from its Fort Morgan, Colo., beef-processing plant after labor negotiations stalled. (WSJ)
• Chip giant Nvidia reported record sales and income, driven by surging demand for data-center computing and the astronomical rise of AI agents. (WSJ)
• Alibaba launched its new Zhenwu M890 AI chip, which is three times more powerful than its predecessor and aims to rival Nvidia. (WSJ)
• Samsung Electronics’ management and union leaders reached a tentative bonus-pay agreement at the 11th hour, averting a strike at the world’s largest memory-chip maker. (WSJ)
• Jeep-maker Stellantis said it will work with Jaguar Land Rover to explore opportunities to collaborate on product and technology development in the U.S. (WSJ)
• Zim Integrated Shipping Services' CEO said he expects to feel the sharp increase and volatility in bunkering costs from the Iran war in the second quarter, before the actions to offset those costs take hold.
• Trucking companies’ liability insurance premium costs rose 18.6% between 2021 and 2024, reaching 10.2 cents a mile, even as heavy-duty truck-crash rates fell 2.6%, according to the American Transportation Research Institute. (SupplyChain24/7)
• President Trump urged GOP lawmakers to include the Railway Safety Act—stalled in Congress since it was introduced after the 2023 East Palestine, Ohio, derailment—in the Surface Transportation Reauthorization Bill. (TrainsPRO)
• The Environmental Protection Agency proposed delaying stricter emissions standards for light- and medium-duty vehicles until model year 2029. (Transport Topics)

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.