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The drop in port activity came as importers and retailers — especially those with business in China — grappled with the uncertainty of Trump’s trade war.

The IMF is seeing signs that the rise in trade and activity to front-run President Donald Trump’s tariffs is beginning to unwind as the global economy still faces heightened uncertainty.

After fresh negotiations in London, tariff rates remain essentially unchanged. Rare earth shipments from China are set to return to pre-April 2 conditions.

At the heart of the policy shift is China’s stranglehold over rare earths and its decision to restrict supply to American manufacturers reliant on the key inputs.

The World Bank on June 10 cut its forecast for global growth this year and warned that the 2020s are on track for the weakest performance for any decade since the first Apollo moon landing.

Trade talks between the U.S. and China will continue into a second day, according to an official, as the two sides look to ease tensions over shipments of technology and rare earth elements.

After the U.S. and China agreed to lower tariffs from astronomical heights, tensions are now surging over access to chips and rare earths. And Beijing increasingly appears to have an edge.

The Chinese Ministry of Commerce issued a statement June 2 rebuking the U.S. president’s claim that Beijing breached the consensus reached in Geneva in May.

Canadian Pacific Kansas City cut its financial outlook for this year due to the uncertainty caused by the U.S. administration’s tariff and trade policy.

Populist Conservative leader Pierre Poilievre — in the lead until U.S. President Donald Trump took aim at Canada with a trade war and annexation threats — was voted out of his Parliament seat.