Logistics firm Flexport reports that liners are slashing their China-to-U.S. carrying capacity at a faster rate than they did at the start of the pandemic.

People’s Bank of China Governor Pan Gongsheng announced Wednesday that the lending rate to commercial banks would be reduced by 0.25 percentage points to 1.5%. The central bank also reduced the reserve ratio — the amount of money banks must hold in their reserves.

In its first concrete steps since Trump ratcheted up tariffs, Beijing stuck to its incremental approach to addressing economic pain.