Asia-Pacific stock indexes were mostly up Monday morning as the U.S. may announce this week that it will lift some tariffs on Chinese consumer goods.

Japan’s Nikkei 225 index added 0.69% by 22:33 Eastern Time (02:33 GMT).

South Korea’s KOSPI jumped 1.42%.

Australia’s ASX 200 was up 0.27%.

Hong Kong’s Hang Seng rose 0.77%.

China’s Shanghai Composite was down 0.04% and the Shenzhen Component was down 0.51%.

The S&P 500 and Nasdaq 100 added about 0.5% from Friday’s closing level. The U.S. market was closed on Monday due to Independence Day celebrations.

The yield on 10-year U.S. Treasuries topped 2.95% after reopening after the holiday.

U.S. President Joe Biden may announce the elimination of some U.S. tariffs on Chinese consumer goods this week to counter inflation. The Biden administration may also announce a review of industrial subsidies, which could lead to increased duties in strategic areas such as technology.

Speculation has intensified that Biden may cut some Trump-era tariffs on $300 billion worth of Chinese imports, with policymakers under pressure to reduce inflation.

“The market is likely to react positively because at the moment we are hungry for any sign of positive news,” Charu Chanana, senior market strategist at Saxo Capital Markets Pte, told Bloomberg.

“But we don’t think the move will have a significant impact on global growth and inflation dynamics.”

As for the Asia-Pacific region, service sector activity in China grew in June at the fastest pace in almost a year as COVID-19 restrictions eased and demand revived. The Caixin China Services Business Activity Index (PMI) rose to 54.5 in June, indicating the fastest growth since last July and its first increase since February.

Investors are now also keeping an eye on Australia’s interest rate decision due a little later today. The central bank is expected to raise the interest rate by half a percent sequentially.