The Trade balance of US and Europe with China is only growing further in favor of China, as the fastest growing country of the world reports a massive 20 billion dollars surplus. The massive surplus is due to the surging exports out of China into the rest of the world.
With good growth rate in rest of Asia also, the Chinese companies are reaping more exports revenue. The US is expected to increase the pressure on the Chinese government to allow immediate appreciation of the Chinese currency so that the exports out of US into China can go up.
The US is running on an uncontrollable trade deficit, while China is running on a very high, ever increasing, trade surplus. So the situation can change only if the US is able to cut down the imports from China and also simultaneously increase the exports to China.
Both are difficult going by history of the last ten years. So expect trade tension between the two largest nations of the world in the coming months.