The tug-of-war over cash in the supply chain is changing as companies adjust to rising costs from higher interest rates. Several big companies, including AT&T, Keurig Dr Pepper and Krispy Kreme, are pulling back on a type of short-term financing that gives them more time to pay invoices. The WSJ’s Kristin Broughton reports that higher interest rates are changing the equation for some companies on agreements known as supply-chain or vendor financing, pushing them to renegotiate deals to get their balance sheets in better shape. The agreements with vendors are popular because they allow buyers to hold on to cash longer, and the short-term financing typically isn’t counted as debt. Many companies still find supply-chain finance programs helpful in a high-rate environment because they offer buyers a way to boost cash without taking on debt. Vendors, for their part, get payments in the door more quickly.

U.S. restrictions on exports of Nvidia’s advanced artificial-intelligence semiconductors have shifted the supply chain for the valuable processors, but they haven’t shut it down. A barely concealed network of buyers, sellers and couriers has formed in the wake of the U.S. controls on the highly coveted chips. The WSJ’s Raffaele Huang reports that more than 70 distributors are openly advertising online what they purport to be Nvidia’s restricted chips. Many sellers say they have supplies amounting to dozens of the chips each month. The flow of Nvidia chips is so steady that most of those sellers take preorders and promise delivery in weeks. These merchants don’t sell enough of the powerful processors to meet the demands of a large tech company, but they can fill more modest needs for AI startups or research institutions. The patchwork supply chain also illustrates the difficulty in enforcing controls for such high-demand items.

• Nvidia is on course to sell $12 billion worth of artificial intelligence chips in China this year despite U.S. export controls. (Financial Times)

Cheap Chinese goods helped keep inflation low in the early 2000s, but at the cost of millions of U.S. manufacturing jobs. As those imports surge again, a WSJ video report looks at what’s changed and what it means for American jobs as policy makers look to balance incentivizing locally made products with the risk of restricting competition and raising inflation.

• U.S. imports by value slipped 0.3% in May on declining consumer goods and automotive shipments. (MarketWatch)

New jobless claims in the U.S. edged up close to a one-year high. (MarketWatch)

A private gauge of China’s services sector signaled the slowest pace of growth in eight months in June. (WSJ)

The parent of Saks Fifth Avenue sealed a $2.65 billion deal to buy rival Neiman Marcus, creating a powerhouse in luxury retailing. (WSJ)

Forward Air named interim finance chief Jamie Pierson to the position on a permanent basis. (WSJ)

European regulators gave conditional approval to Lufthansa’s acquisition of a stake in ITA Airways. (WSJ)

Southwest Airlines adopted a shareholder-rights plan as it seeks to fend off activist investor Elliott Investment Management. (WSJ)

The European Commission is drawing up plans to impose duties on cheap goods bought from Chinese online retailers including Temu and Shein. (The Guardian)

Indonesia's first battery plant opened under a joint venture between South Korean battery producer LG Energy Solution and carmaker Hyundai Motor. (Nikkei Asia)

HMM is suing Samsung Electronics for alleged unpaid bills following the shipper’s regulatory complaint of overcharges by the South Korean container line. (The Loadstar)

U.S. maritime regulators placed HMM as a state-owned shipping company, a category drawing extra scrutiny. (Maritime Executive)

John Fredriksen-backed DOF is buying Maersk Supply Services for $1.1 billion. (Lloyd’s List)

John Fredriksen’s SFL ordered five large containerships from a Chinese shipyard for about $1 billion. (Splash 247)

Mediterranean Shipping’s vessel-buying spree has brought it control of 20% of global container shipping capacity. (ShippingWatch)

The Department of Labor proposed rules requiring companies to develop a heat injury and protection plan. (Supply Chain Dive)

• Recent Supreme Court rulings that curtailed the power of executive agencies could reshape the U.S. regulatory landscape.
• Accounting oversight board member Christina Ho, often the sole voice of dissent, has voted against more rules than anyone in the watchdog’s two-decade history.
• The hack of car dealer software provider CDK Global could be a wake-up call for airlines, banks and healthcare providers, which also rely on a handful of dominant vendors.
• Commercial web browsers weren’t built for business. New enterprise browsers aim to provide the security controls and user experience needed for work.

Paul Page is editor of WSJ Logistics Report. Reach him at paul.page@wsj.com.

Follow the WSJ Logistics Report team: @PaulPage, @bylizyoung and @pdberger. Follow the WSJ Logistics Report on X at @WSJLogistics.