A slowdown in global trade is hurting some of the world’s biggest economies more than others. Countries that traditionally have depended heavily on exports are seeing growth lag behind economies including the U.S. and India that have relied more on domestic demand for growth. The WSJ’s Tom Fairless writes that global goods trade declined in the first three months of the year from the previous quarter, extending a downturn that started last year and that economists expect to continue this year. The trade slump reflects factors including rising interest rates and a snapback in business inventories as global goods shortages ease. But it also reflects longer-term changes in the world economic order. Berenberg Bank’s Holger Schmieding says it’s a sign that “global trade will be less global,” with exchanges occurring more within regional blocs. That may trigger changes in transportation networks that have been bulwarks of expanding world trade.

• The U.S. and Vietnam agreed to billions of dollars in business deals and partnerships in areas that include cloud computing, semiconductors and artificial intelligence. (Financial Times)

Breaking up with a major supplier can be difficult, even with the big investment Apple is pouring into the effort. The consumer electronics giant reached a three-year deal with Qualcomm to supply the iPhone maker with 5G communications chips. The WSJ’s Asa Fitch and Aaron Tilly report the deal suggests Apple’s long-running effort to develop its own modem chips won’t reach the company’s flagship phones any time soon. Apple has a long record of developing its own technology and reducing its reliance on outside chip vendors. The company bought Intel’s smartphone-modem business in 2019 for $1 billion after the semiconductor maker struggled to develop 5G modems. Those communications chips are notoriously difficult to develop, and there are only a handful of companies able to make them. Qualcomm and Apple have had an uneasy relationship, but the realities of business and technology will keep them together.

Walmart is doubling down on its Africa supply chain. The retailer’s acquisition more than a decade ago of South African retailer Massmart has been something of a bust, with crashing commodity prices and other forces taking a toll on consumer demand. The WSJ’s Alexandra Wexler reports that Walmart is making a renewed bet on the business, however, after disappointing forays into other international markets. Walmart has injected fresh backing into Massmart and has installed its own executives into key roles in an effort to boost Massmart’s fledgling online sales. The e-commerce effort is crucial to the retailer’s growth plan and includes new specialists at Walmart’s tech hub in Bangalore, India. But some factors are out of the company’s control, including the high cost of mobile data, a fiercely competitive retail market in South Africa and constraints on last-mile delivery because of poor infrastructure.

Former Alibaba chairman Daniel Zhang stepped down as head of the Chinese e-commerce giant’s cloud computing arm. (WSJ)

J.M. Smucker is buying Twinkies owner Hostess Brand for around $4.6 billion. (WSJ)

Sea-Intelligence says container shipping demand has stagnated essentially at prepandemic levels. (ShippingWatch)

The last of South Korea’s big three shipbuilders completed a wage agreement with workers. (Lloyd’s List)

A.P. Moller-Maersk sold nearly half of its stake in Norwegian car carrier Höegh Autoliners. (Splash 247)

Freight forwarding customers of Forward Air are looking for alternative carriers following the trucker’s acquisition of rival forwarder Omni Logistics. (The Loadstar)

U.S. rail regulators are raising "serious concern" about the safety of Union Pacific’s freight cars and locomotives. (Progressive Railroading)

Dollar General expects to take a $95 million hit to operating profit as it marks down excess inventories. (Supply Chain Dive)

A group of shareholders wants Nike to address allegations of wage theft at two supplier factories amounting to $2.2 million. (Business of Fashion)

Bankrupt apparel retailer Soft Surroundings will close its stores and transfer its direct-to-consumer business to a Coldwater Creek affiliate. (Sourcing Journal)

Craft retailer Joann expects to cut $200 million in costs from its supply chain​ after domestic and overseas suppliers agreed to price concessions. (Retail Dive)

Demand for cold-storage warehouse space is far outstripping supply. (Journal of Commerce)

Industrial parts supplier Fastenal’s sales growth is slowing this quarter. (Modern Distribution Management)

Indian supply chain software startup Kale Logistics Solutions raised $30 billion in a funding round backing its international expansion plans. (TechCrunch)

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.