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.

Key Takeaways President Donald Trump said Sunday that the high tariffs against China, imposed in April, are only meant to be temporary, raising hopes in financial markets of a trade deal between the world's two largest economies.

Data suggests companies importing cargo on the OOCL Violet face at least $417 million in new Trump administration tariffs.