The container shipping industry on Monday welcomed an agreement between the United States and China to temporarily slash punishing tariffs, saying it expected to be buoyed by a resulting increase in bookings from China to the U.

The biggest carriers say they are switching to smaller ships as others cancel trans-Pacific sailings outright.

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.