U.S. Commerce Secretary Wilbur Ross will be in China June 2-4 for another round of talks amid trade tensions between the world’s two largest economies. Reuters says the trade dispute got a little more complicated this week when President Donald Trump announced a national security investigation into imports of cars and trucks. The probe could possibly result in tariffs against China, as well as against key U.S. allies like Germany, Canada, Japan, and Mexico. Treasury Secretary Steven Mnuchin says Ross will be looking to negotiate a framework that could turn into binding agreements between companies.
The constructive comments from both the U.S. and China after the last round of talks eased fears of a trade war between the countries. However, President Trump said this week that any deal would need a “different structure,” fueling yet more uncertainty over negotiations. Trump threatened to impose $150 billion worth of tariffs on Chinese goods, fueling threats of equal retaliation from Beijing, including tariffs on large U.S. imports like soybeans.