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Xi spoke of opening China's economy in his speech. Photo: Qilai Shen/Bloomberg via Getty Images

Markets around the world are rallying Tuesday morning after Chinese President Xi Jinping delivered a speech pledging to significantly lower tariffs on imported cars and emphasizing that China wants a "greater balance of international payments."

The details, via WSJ: "Shortly after the U.S. open, the Dow Jones Industrial Average rose 373 points, or 1.6%, to 24352. The S&P 500 added 1.3%, and the Nasdaq Composite gained 1.4%."

Yes, but: Xi has made these promises before — most recently at the World Economic Forum in 2017 — and it's not yet clear what reforms will actually be implemented and when, but his positive tone was enough to ease trade tensions that had the markets in a frenzy.

Go deeper

Off the Rails

Episode 2: Barbarians at the Oval

Photo illustration: Sarah Grillo/Axios. Photo: Jim Watson/AFP/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 2: Trump stops buying what his professional staff are telling him, and increasingly turns to radical voices telling him what he wants to hear.

President Trump plunked down in an armchair in the White House residence, still dressed from his golf game — navy fleece, black pants, white MAGA cap. It was Saturday, Nov. 7. The networks had just called the election for Joe Biden.

Fringe right plots new attacks out of sight

Illustration: Aïda Amer/Axios

Domestic extremists are using obscure and private corners of the internet to plot new attacks ahead of Inauguration Day. Their plans are also hidden in plain sight, buried in podcasts and online video platforms.

Why it matters: Because law enforcement was caught flat-footed during last week's Capitol siege, researchers and intelligence agencies are paying more attention to online threats that could turn into real-world violence.

Kids’ screen time up 50% during pandemic

Illustration: Sarah Grillo/Axios

When the coronavirus lockdowns started in March, kidstech firm SuperAwesome found that screen time was up 50%. Nearly a year later, that percentage hasn't budged, according to new figures from the firm.

Why it matters: For most parents, pre-pandemic expectations around screen time are no longer realistic. The concern now has shifted from the number of hours in front of screens to the quality of screen time.