S&P 500 futures jump nearly 1% as US set to rollback China tariffs to fight inflation

Bloomberg reported early Tuesday, citing unidentified people familiar with the deliberations, President Joe Biden is set to roll back some US tariffs on Chinese consumer goods as soon as this week.

Key takeaways

The Biden Administration will also conduct a new probe into industrial subsidies that could lead to more duties in strategic areas like technology.

The president in recent weeks held a number of meetings with senior economic advisers where options for a decision on the Trump-era tariffs were discussed.

Meanwhile, the Wall Street Journal (WSJ) previously reported a decision could come as soon as this week. 

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