China has announced a barrage of measures meant to counter the blow to its economy from U.S. President Donald Trump ’s trade war, as the two sides prepare for talks later this week. Beijing’s central bank governor and other top financial officials outlined plans to cut interest rates and reduce bank reserve requirements to help free up more funding for lending.

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

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.

WASHINGTON — Ever since President Trump announced he was slapping hefty tariffs on countries across the globe, he has been predicting they would force trading partners to sign major deals beneficial to the United States.

President Donald Trump signaled that he plans to announce new tariffs on pharmaceutical products imported to the United States “over the next two weeks.” Trump’s overriding tariff agenda has thrown a wrench into the global economy.