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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...

A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

Go deeper

Hill votes will make global waves

President Biden addresses the UN General Assembly on Sept. 21, 2021 in New York City. Photo: Eduardo Munoz-Pool/Getty Images)

This epic week for President Biden on Capitol Hill is even bigger than his domestic agenda.

Why it matters: Biden has anchored his entire strategy for foreign affairs on the notion that "America is back." What that means in practice is that Biden needs to prove democracy works to rally America’s liberal allies against rising authoritarians.

2 hours ago - World

German election: Exit polls show close race to succeed Angela Merkel

SPD leader Olaf Scholz. Photo: Alex Kraus/Bloomberg via Getty Images

BERLIN — The first exit poll from Sunday's German elections showed the center-left Social Democrats (SPD) and the center-right Christian Democrats (CDU) in a dead heat at 25%, leaving the race to succeed Angela Merkel too close to call.

The state of play: A second exit poll showed the SPD narrowly ahead. That's the one televisions displayed at SPD headquarters in Berlin, where the room erupted into cheers. Official results will roll in throughout the evening.

Abbott says he'll hire Border Patrol agents on horseback

Texas Gov. Greg Abbott (R) on Sunday defended the actions of U.S. Border Patrol agents who charged at Haitian migrants on horseback, blaming the Biden administration for not preventing them from crossing the border.

Why it matters: Abbott's remark on "Fox News Sunday" comes amid increased backlash over the incident, with President Biden saying, "I promise... those people will pay,” and the Department of Homeland Security launching an investigation.