The White House and Beijing both signaled openness to negotiating tariffs and trade, a swing from the past few weeks as the world’s two biggest economies exchanged sharp words and steep reciprocal duties that upended global trade and supply chains.

The WSJ’s Gavin Bade, Lingling Wei, Josh Dawsey and Alex Leary report that the Trump administration is considering slashing its tariffs on Chinese imports, with one senior White House official saying the duties could be cut to between roughly 50% and 65%. Trump hasn’t made a final determination, people familiar with the matter said, adding discussions remain fluid and several options are on the table. One official said the president wouldn’t act unilaterally and needs to see movement from Beijing to lower tariffs. Meanwhile, China’s foreign ministry spokesman said Beijing didn’t fear a fight over tariffs, but the door was open for discussions.

Even if the two countries return to the negotiating table, economic tensions will likely linger. Beijing has been preparing its people for a protracted struggle through strident messaging in state media, and trust between the two governments has deteriorated. And even lowering duties by half would still mean many Chinese makers of products such as electrical machinery and equipment are effectively blocked from U.S. markets.

• The International Monetary Fund warned that government debts may rise to new highs amid global tensions and higher tariffs. (WSJ)
• Truck maker Volvo cut its forecast for North America’s truck market amid increasing uncertainty about tariffs and regulatory changes. (WSJ)
• Audi’s chief executive said the carmaker was moving “full throttle” toward a final decision on building its first U.S. factory. (WSJ)
• Hapag-Lloyd said customers canceled 30% of shipments to the U.S. from China because of concerns about the trade conflict. (Reuters)
• American importers are storing freight from China in Canadian bonded warehouses to temporarily avoid tariffs, in the hope levies are eased. (Journal of Commerce)

Companies ranging from industrial giants to purveyors of luxury goods to telecom providers are formulating ways to pass the costs of new tariffs on to their customers.

The Journal’s Natasha Khan and Ruth Simon write that GE Aerospace, LVMH, Hermès, Verizon and Five Below are among the companies planning to make up at least some of the higher costs by raising prices. Figuring out precisely how to raise prices without turning away customers—possibly for a long time—is as much an art as a science. Some companies such as Hyundai Motor and Kimberly-Clark are holding off on price hikes for now. But eating all those new costs could erase profits, especially for smaller firms. About 47% of small businesses say they have increased prices since the start of the year, and 60% plan to in the next three months, a survey shows.

Think passing the bar exam is tough? Try taking the test to get certified as a customs broker, a profession the trade war has thrust into the limelight.

The WSJ’s Esther Fung writes that being open-book doesn’t help ease the pain of the 4 ½ hour exam that covers the technicalities of classifying merchandise and entry and valuation procedures. A minimum passing score of 75% isn’t nearly as low a bar as it seems, either, test-takers say and statistics show: The last six exams, which are held twice a year, have an average pass rate of 21%, prior to appeals. For those lucky and resilient candidates who pass, an interview and background check await before they get the Customs and Border Protection stamp of approval.

The Trump administration unveiled measures to eliminate petroleum-based synthetic dyes in food, including Red 40, Yellow 5 and 6, Green 3, and Blue 1 and 2. (WSJ)

Boeing posted a narrowed quarterly loss and an 18% rise in revenue, and the No. 1 U.S. exporter said a half-trillion-dollar backlog provides some flexibility amid the trade war. (WSJ)

Ryder System said quarterly revenue from supply chain operations rose 2% as it posted modest profit and revenue growth, but cut its 2025 earnings outlook. (Dow Jones Newswires)

Norfolk Southern posted a higher first-quarter profit and reiterated full-year guidance despite economic uncertainty. (Dow Jones Newswires)

Old Dominion Freight Line's quarterly profit and freight tonnage fell, with the trucking line citing "ongoing softness in the domestic economy." (Dow Jones Newswires)

Knight-Swift Transportation swung to a profit in the first quarter, though it warned that increased uncertainty from tariffs could hurt future results. (Dow Jones Newswires)

General Dynamics reported higher first-quarter earnings as manufacturing efficiencies boosted aerospace profitability and revenue climbed. (WSJ)

Kuehne + Nagel reported an increase in net profit which exceeded analysts’ expectations after earnings rose in the first quarter. (WSJ)

Westinghouse Air Brake Technologies, or Wabtec, raised its full-year earnings guidance and posted higher net income and revenue for the first quarter. (Dow Jones Newswires)

The Port Authority of New York and New Jersey opened a $270 million consolidated cargo handling center at John F. Kennedy International Airport. (American Journal of Transportation)

Steel-product prices in Japan are plummeting because of intense competition among distributors, undermining consolidation efforts by steelmakers. (Nikkei Asia)

On-demand packaging provider Packsize agreed to acquire Sparck Technologies, a Dutch automated fit-to-size packaging company. (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.