The long and short of it is that this move is a potential way to counter inflation, or at least counter it as it is accelerating at an alarming rate.
There is no set timeline when this could happen, but all reports are pointing toward within the next week or two.
Some of the issues with this is 1) there is no guarantee that this will have a positive effect on the rate of inflation. 2) If Biden goes through with this, he could upset unions after he called himself the most "pro union president in history." 3) The White House asked companies for a commitment to lower prices after tariff cuts, but most of the executives said that is not a realistic expectation for them to make.
The administration is definitely trying to find the right route to go to help boost the economy and slow down inflation. Just a matter of time, and when Biden and Xi will meet.