FedEx Corp. expects a $1 billion hit from trade volatility this year, underscoring the impact of President Donald Trump’s tariffs and the loss of a key exemption for low-value goods. About $300 million is due to the higher cost of clearing goods through customs, according to FedEx chief financial officer John Dietrich. The tally is the latest to show how Trump’s trade war is weighing on corporate profits. It expects to continue buying back stock throughout the rest of the fiscal year, the company said. FedEx expects its efforts to create $1 billion in permanent cost reductions.