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.

China will cut its key policy rate by 10 basis points and lower the reserve requirement ratio by 50 basis points.

China is counting on its 1.4 billion consumers to help cushion the blow from Donald Trump’s tariffs. But that strategy is running into a wall of uncertainty, with millions of factory jobs at risk.