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.

Beijing rolls out its first major policy moves since Trump’s actions in April.

China’s central bank acted shortly after news that officials from China and the Trump administration will hold their first formal trade talks since the punishing tariffs began.