Mexico and the U.S. are set to be hit especially hard as President Trump’s trade war brings on a new era, with most economies growing more slowly than previously forecast, the International Monetary Fund said.

The WSJ’s Paul Hannon writes that, among the countries the IMF tracks, Mexico appears to be in for the biggest reversal, with its economy now forecast to shrink by 0.3% this year, after previously being on course for growth of 1.4%. Significant damage is expected for the U.S., with growth this year forecast to decline to 1.8% from a previous outlook for 2.7% published by the IMF in January. Another step down, to 1.7%, is forecast for 2026. Although China is in the crosshairs of Trump’s protectionist trade policies, and is likely to suffer from higher U.S. tariffs, growth is expected to slip to 4% from 4.6% this year and 4.5% next year. The eurozone, also targeted by the White House, is set for an even more modest setback, with growth now seen at 0.8%, down from a forecast for 1%. The IMF expects global economic growth to slip to 2.8% from 3.3% this year.

• The U.S. and India agreed to broad terms of negotiation for a potential trade deal. (WSJ)
• Treasury Secretary Scott Bessent reassured attendees of a closed-door JPMorgan investor summit that he expects the trade war with China to de-escalate. (WSJ)
• Consumers in the eurozone are feeling gloomier amid uncertainty around Trump’s tariffs. (WSJ)
• Switzerland’s Roche plans to invest $50 billion in the U.S. over the next five years, as drugmakers face tariff threats. (WSJ)
• 3M is adding a “tariff sensitivity” to its earnings guidance to show how much the levies could cut into its outlook. (WSJ)
• Kimberly-Clark cut its profit guidance for the year as it prepares to face $300 million in new costs from the global trade war. (WSJ)
• Auto-industry trade groups are calling on the Trump administration to ease off plans to slap tariffs on car parts. (Bloomberg)

The U.S. imposed tariffs of up to 3,521% on imports of solar cells from Cambodia, Thailand, Vietnam and Malaysia.

The Journal’s Kimberly Kao writes the move is an escalation of the trade war with China, as its manufacturers have been setting up factories for years in Southeast Asia. The steep levies would effectively make the solar-power products unmarketable to American consumers. The new tariffs illustrate concerns that China could avoid paying punitive tariffs by raising exports from a growing network of factories. The duties reflect findings from a Department of Commerce probe into claims by U.S. solar producers that Chinese companies operating in those countries were dumping solar cells and panels in the U.S. at artificially low prices.  The new duties come at a challenging time for the broader solar industry, as Trump has begun setting energy policies that could hit demand for renewable energy.

Fake eyelashes. Dashboard smartphone mounts. Golf practice nets. Toy trucks. These are some of the often niche products many American companies sold that thrived in an era of e-commerce and low-cost Chinese manufacturing.

The WSJ’s Jeanne Whalen and Bob Tita write that these U.S. importers now are stuck making hard calls on whether to halt imports in hope of a trade truce, or make any big changes at all if new tariff rules can be undone by a tweet. Relocating production out of China is one option, and some firms got a head start in the first Trump administration. But these moves were often to other Asian countries and not to the U.S., where production of many of these products simply doesn’t exist. The situation is so concerning that some shipping companies are demanding full payment upfront, fearing importers will abandon their cargoes and refuse to pay shipping fees.

Tesla’s net income dropped by 71% in the first quarter because of overseas competition and reputational damage from Elon Musk’s political role. (WSJ)

Northrop Grumman’s quarterly earnings and sales fell and the defense contractor slashed its 2025 earnings outlook on the wind-down of a space program and manufacturing changes. (WSJ)

Barrick Gold entered a deal to sell its stake in an Alaskan gold project for as much as $1.1 billion to affiliates of billionaire John Paulson’s Paulson Advisers and Novagold Resources. (WSJ)

GE Aerospace reported higher earnings on revenue gains from its defense businesses and commercial engines and services unit. (WSJ)

Boeing agreed to sell portions of its Digital Aviation Solutions business to Thoma Bravo in an all-cash deal worth $10.55 billion as it doubles down on its core business. (WSJ)

RK Logistics is expanding its Customs bonded warehouse and Foreign-Trade Zone capacity in California, Texas, Arizona, New York and Michigan. (American Journal of Transportation)

Qatar Airways Cargo, IAG Cargo and Malaysian Airlines’ MASkargo freight unit are forming a global cargo joint venture. (Journal of Commerce)

Toyota Motor and Daimler Truck are in the final stages of merging their commercial-vehicle units after two years, thanks to a shared goal of promoting hydrogen fuel. (Nikkei Asia)

China’s Cosco Shipping and industry groups denounced new U.S. fees on Chinese ships and carriers as unfair and harmful to trade. (Lloyd’s List)

Golden Ocean Group signed a term sheet to merge into CMB.TECH and create a maritime group with a combined fleet of more than 250 vessels. (Dow Jones Newswires)

The Chesapeake Bay Bridge doesn’t meet current vessel collision-risk standards, a Maryland Transportation Authority assessment shows. (gCaptain)

U.K. investment manager Lindsell Train built a 5.08% stake worth $65.5 million in shipbroker Clarksons. (TradeWinds)

AIT Worldwide Logistics agreed to acquire Miami-based forwarder GSDMIA for undisclosed terms. (DC Velocity)

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.