Global trade is hitting the brakes now that the pre-tariff buying frenzy has faded. The WTO’s latest numbers show a major shuffle in supply chains away from China and a sharp slowdown expected for next year.

President Trump announced that China has agreed to accelerate agricultural purchases following a tense phone call regarding Taiwan. The move comes as the U.S. works to finalize a trade truce and mediate a deepening diplomatic row between Beijing and Tokyo.

WASHINGTON—The World Bank sharply lowered its growth forecast for the global economy this year as persistently high inflation has elevated the risk for a worldwide recession.

U.S. ocean imports closed 2022 extending a monthslong slide closer to prepandemic levels, according to a new report, leaving the shipping sector bracing for deeper declines in container volumes this year.

Freight forwarder Flexport Inc. is cutting about 20% of its global workforce, or more than 600 workers, as the digital-focused business copes with falling shipping demand and repositions its operations to offer more supply-chain services.

Improved booking prospects show the Asia to Mediterranean tradelane is proving more resilient than the North European market, prompting the 2M Alliance to reinstate a voided sailing.