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Xi Jinping delivers a speech in Boao, China. Photo: Qilai Shen/Bloomberg via Getty Images

During a speech on economic policy Monday, Chinese President Xi Jinping said Beijing "will significantly lower import tariffs for vehicles" this year, the Nikkei Asian Review reports.

Timing: This comes after President Trump called differing tariff rates for American and Chinese autos "STUPID TRADE" in a Monday morning tweet. In the speech, without mentioning the United States by name, Xi also said China "does not seek a trade surplus" and wants a "greater balance of international payments," though he warned against "Cold War and zero-sum mentalities."

The big picture: Axios contributor Bill Bishop emails, "There is little new in this speech, these broad promises have been made before, and none of them go to the real heart of the U.S. angst over China ... Maybe this time the mooted reforms will be implemented, and maybe Xi is leaving it to his subordinates to quickly fill in the specific details and timelines, but overall I thought this speech was predictable and underwhelming, with much rehashing of what he said at Davos in 2017."

Trump tweeted his approval of Xi's words on Tuesday...

Go deeper

38 mins ago - World

Putin foe Navalny to be detained for 30 days after returning to Moscow

Russian opposition leader Alexey Navalny. Photo: Oleg Nikishin/Epsilon/Getty Images

Russian opposition leader Alexey Navalny has been ordered to remain in pre-trial detention for 30 days, following his arrest upon returning to Russia on Sunday for the first time since a failed assassination attempt last year.

Why it matters: The detention of Navalny, an anti-corruption activist and the most prominent domestic critic of Russian President Vladimir Putin, has already set off a chorus of condemnations from leaders in Europe and the U.S.

Biden picks Warren allies to lead SEC, CFPB

Photo: Justin Sullivan/Getty Images

President-elect Joe Biden has selected FTC commissioner Rohit Chopra to be the next director of the Consumer Financial Protection Bureau (CFPB) and Obama-era Wall Street regulator Gary Gensler to lead the Securities and Exchange Commission (SEC).

Why it matters: Both picks are progressive allies of Sen. Elizabeth Warren (D-Mass.) and viewed as likely to take aggressive steps to regulate big business.

The perils of organizing underground

Illustration: Aïda Amer/Axios

Researchers see one bright spot as far-right extremists turn to private and encrypted online platforms: Friction.

Between the lines: For fringe organizers, those platforms may provide more security than open social networks, but they make it harder to recruit new members.