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.

The statement refers to the 10 percent tariff that Mr. Trump put in place on most U.S. imports one month ago. Such a significant increase in U.S. tariffs would have been unthinkable a few years ago. But it no longer seems like such a big deal, compared with the truly large tariffs that Mr. Trump has already imposed or threatened elsewhere.

President Donald Trump’s tariffs. Chief Executive Officer Monty Sharma said he has to go back to customers such as Target Corp. and Best Buy Co. to discuss even more price hikes after Trump slapped additional levies on China.

President Donald Trump said on Sunday that his top priority was to secure a fair trade deal with China, after the fallout from his chaotic tariff policy shook consumer and business sentiment globally and led to a first-quarter U.