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

China’s central bank has cut a key interest rate as U.S. tariffs threaten the economy. People’s Bank of China Governor Pan Gongsheng announced Wednesday that the lending rate to commercial banks would be reduced by 0.

China reduced its policy rate and lowered the amount of cash lenders must keep in reserve, as Beijing ramps up efforts to help an economy caught in a second trade war with the US.