Liu He had a call with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

The two sides are said to have discussed each of the core wishes of each. They are in the first phase of an initial trade agreement.

President Trump after monthly negotiations with Apple Inc. and chief executive Tim Cook, achieved a breakthrough late on Wednesday, when the president said he was considering exempting iPhone manufacturers from the upcoming tariffs.

China decided to lower the basic lending interest rate on Wednesday (November 20) just as the market had foreseen, with the aim of reducing funding costs and reviving an economy. Because of slowing demand and tariff barriers from the US.

Trump has repeatedly accused the Fed of hampering his economic policies by keeping interest rates at what he deems too high. He also said that the Fed has deprived the United States of the right to enjoy the benefits of negative interest rates as many other countries including Europe and Japan enjoy.