Crumbling exports out of Asia are setting off alarm bells in the U.S. goods economy. A steep annual decline in Chinese exports last month came as outbound flows from Taiwan, Vietnam and South Korea also fell sharply. The WSJ’s Jason Douglas reports that global trade that has been softening for months as consumers turned from goods to services is now facing pressure from cooling growth in the U.S. and Europe. Longer term, the outlook for global trade has taken a hit as major economies push to restructure global supply chains and bring a bigger slice of manufacturing and investment back home. Some economists now see global trade growing more slowly in the years ahead than the global economy. U.S. imports of goods were 5.5% lower in the first five months of the year than last year, a sign that retailer destocking efforts are reaching deep into trade.

• The perception that doing business in China has become riskier is choking the flow of foreign capital into an economy already struggling with weak private investment and consumption. (WSJ)
• China’s semiconductor imports slumped 18.5% by volume in the first six months of 2023. (South China Morning Post)

Germany is starting to look beyond China as it sets a course for its economic and trading future. The country that has long viewed two-way trade with China as a key ingredient in its recipe for economic success suggests in its first-ever “China strategy” that its long-time partner may have gotten too close for comfort. The WSJ’s Sha Hua reports that policy makers are trying to balance the big economic benefits of China trade with the need to manage risks posed by Beijing’s actions. That also reflects a balancing act companies are undertaking. German companies are heavily invested in China, a major destination for German manufacturing exports. But German businesses, including its big automotive sector, face risks from the growing assertiveness and competition of Chinese enterprises. Some manufacturers are revamping their supply chains to insulate them from disruptions in China, but many are still investing in the country.

Striking dockworkers at British Columbia ports and employers reached a tentative contract agreement, ending a nearly two-week strike. (Dow Jones Newswires)

The Teamsters union and less-than-truckload carrier TForce reached a tentative, five-year contract agreement. (Dow Jones Newswires)

U.S. wholesale prices increased 0.1% over the 12 months ending in June, the lowest reading in nearly three years. (MarketWatch)

The International Energy Agency expects global oil demand to surge by 2.2 million barrels a day this year. (WSJ)

The Mexican peso is up to its strongest level since 2015. (WSJ)

Exxon Mobil is buying pipeline operator Denbury for almost $5 billion, in a big bet on the business of transporting and storing carbon. (WSJ)

Delta Air Lines’ quarterly operating revenue reached a record $15.6 billion. (WSJ)

PepsiCo’s revenue jumped 10.4% last quarter on resilient consumer demand for snacks. (WSJ)

Food supplier Conagra’s quarterly sales rose 2.2%, driven by international sales. (WSJ)

Tesla is in talks with India’s government to build a factory with capacity to produce 500,000 electric cars annually. (Times of India)

Vietnam and the Philippines are scaling up imports of liquefied natural gas, helping make Southeast Asia a major destination for the fuel. (Nikkei Asia)

Industrial distributor Fastenal’s second-quarter sales rose 5.9% to $1.9 billion. (Dow Jones Newswires)

Nikola says hydrogen gas producer BayoTech will buy 50 of the company’s hydrogen fuel cell trucks. (Barron’s)

Some California lawmakers are trying to draw limits around the operations of autonomous trucks. (Transport Dive)

Walgreens is closing an e-commerce distribution center near St. Louis and laying off about 400 workers. (NBCChicago) 

The founder of Zara owner Inditex bought a warehouse in California’s Inland Empire for $109 million. (Reuters)

Cummins CEO Jennifer Rumsey will become chair of the truck-engine maker’s board when Tom Linebarger retires this month. (Indianapolis Business Journal)

Truck stop operator Love’s named Eddie Burt as chief supply chain officer. (Supply Chain Dive)

The dearth of accountants is becoming evident in several financial reports, with companies pleading difficulty in finding and retaining skilled people.

AI technology is developing fast, but the physical computing infrastructure that powers the models is still racing to keep up.

Business insurance has been roiled by the same forces disrupting home insurance markets in catastrophe-prone areas, with firms facing tougher conditions as they try to cover properties.

Regualtory approval of Alzheimer's drug Leqembi is expected to encourage venture funding for treatments of brain diseases, a field that has long thwarted drugmakers.

🎧 Listen to Sweetgreen Chief Brand Officer Nathaniel Ru speak to WSJ Pro about how the salad chain is striking a balance between traditional advertising and social-first creative campaigns.

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 Twitter at @WSJLogistics.