Good morning. Turmoil in the U.S. banking sector isn’t just a problem for the U.S. It also increases the risks of a global recession.

Though economists broadly believe that a full-blown financial crisis isn’t likely, they also see heightened risks to global growth from a shaken banking sector and the specter of tightening credit.

• Global impacts: “It is potentially a rather perilous time for the world economy,” said Eswar Prasad, professor of trade policy and economics at Cornell University. Piling banking-sector problems on top of rising interest rates in advanced economies “could have spillover effects across the globe,” he said.
   
• Stifled demand: A U.S. lending squeeze could have an effect on global growth by pinching demand for other countries’ goods and services, such as German cars, French holidays or Chinese-made electronics.
   
• Trade disruptions: Global trade and the financial system are underpinned by the U.S. dollar. That means tighter U.S. financial conditions—such as less lending, higher borrowing costs, lower prices for stocks and other assets—can quickly spread to other economies.

Join us on May 9 for the WSJ Risk & Compliance Forum, where we will be discussing export controls, sanctions, sustainability, privacy laws, workplace compliance, managing in a downturn and addressing risks at the board level. Sign up here.

Lawmakers' drive to rein in TikTok intensifies.

Momentum in Congress to crack down on TikTok is growing after the chief executive of the social-media company failed to win over lawmakers in a marathon hearing, though lawmakers are divided on what path to take.

In a shift, Democrats who have seemed more resistant to banning the application or taking other actions also signaled they were more ready to join with Republicans on legislation to strengthen the government’s hand in fighting potential threats posed by foreign-controlled apps.

• Banning TikTok in the U.S. Is Easier Said Than Done

Loophole allows U.S. tech exports to banned Chinese firms.

The U.S. moved this month to cut off a Chinese conglomerate’s access to Western technology, but the firm can still secure those goods through a technicality that some former senior officials say is a major loophole in the U.S. export-control regime.

U.S. companies are barred from exporting to companies named on the Commerce Department’s so-called Entity List, unless they get approval. But listed companies can still buy U.S. goods through subsidiaries that aren’t on the Entity List, current and former government and industry officials say. Industry officials say some U.S. companies intend to keep selling high-tech goods to Chinese companies in that manner.

• Crypto has picked an unlikely ally in its battle against oversight by Wall Street’s chief regulator: a former Coinbase Global Inc. employee convicted of insider trading.
   
• Microsoft Corp. moved closer to winning approval for its planned $75 billion acquisition of Activision Blizzard Inc. in the U.K., a notable step in efforts to secure regulatory consent for the deal.
   
• The Federal Trade Commission is cracking down on the data-sharing practices of telehealth companies, focusing on widespread uses of data that many companies in the industry have failed to disclose to users.
   
• Federal prosecutors are scheduled to begin a trial Monday in which a former Pratt & Whitney manager is accused of conspiring with his suppliers to prevent them from poaching one another’s workers, in a new test of the government’s more aggressive antitrust strategy.

Belarus hit with new sanctions.

The U.S. has imposed a new round of sanctions on Belarus, targeting the regime of President Alexander Lukashenko for its continued support of Russia’s war in Ukraine and for its crackdown on Belarus’s pro-democracy movement.

The sanctions, unveiled Friday, strike at key Belarusian manufacturers and Mr. Lukashenko’s own perks. His presidential aircraft, a luxury Boeing 737 that he uses for personal travel with his family and entourage, was explicitly identified as a property associated with Mr. Lukashenko, who was previously personally sanctioned.

Chinese authorities raid office of U.S. investigations firm.

Authorities this week raided the Beijing offices of Mintz Group, detaining all five of the New York-based due diligence firm’s staff members in mainland China, the company said—an incident likely to unnerve global businesses operating in the country.

The move comes as the heads of multinational companies including Apple Inc. and Pfizer Inc. are due to arrive in Beijing to meet with top Chinese officials. The U.S. State Department has advised individuals to reconsider travel to the country due to its arbitrary enforcement of laws. China rejects that characterization as politically biased.

• U.S. Executives to Keep Low Profile at China Forum Amid Tensions

• Iranian-backed militias brushed aside U.S. warnings and mounted fresh attacks that brought two U.S. sites in eastern Syria under fire and injured an American service member, a U.S. official said Friday.
   
• The French government Friday postponed a visit by Britain’s King Charles III, after sweeping strikes in France threatened to derail a protocol-heavy event.
   
• Recent train derailments, including one in a small Ohio town, have prompted officials to examine what is causing the accidents and whether they are happening more frequently.
   
• Ukrainian officials called for an emergency meeting of the United Nations Security Council, after Russian President Vladimir Putin announced plans to deploy tactical nuclear weapons in Belarus.
   
• Ghanaian and U.S. officials fear that al Qaeda militants, who have attacked villages in Burkina Faso, could take advantage of the tensions to establish a beachhead in Ghana, a regional powerhouse and American ally known for its relative stability and prosperity.

• Retailers are gaining huge savings on ocean container transport as once sky-high shipping prices tumble toward prepandemic levels.
   
• ConocoPhillips Chief Executive Ryan Lance was only a budding oilman when he first set foot in Alaska. Nearly four decades later, his company reigns supreme over the U.S. Arctic.
   
• New York is poised to become the first state in the U.S. to pass a law banning natural-gas and other fossil-fuel hookups in new buildings.
   
• The European Union reached a deal with Germany that is expected to water down the bloc’s plan to effectively ban new internal combustion-engine cars from 2035.