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."