(Bloomberg) -- A heavily-shorted ETF that holds retail stocks jumped amid a report that the White House is not on board with the border-adjustment tax plan preferred by House Republicans.

Gary Cohn, chief economic adviser to President Donald Trump, told a group of executives at a private event in Washington that the White House does not support this initiative, Axios reported, citing an unidentified attendee of the meeting. Axios later said that the White House called the website’s report inaccurate and said that no statement of support or opposition was made.

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