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Analysts at Nomura  explained that the upcoming 12 June US-North Korea summit in Singapore could be as important for US-China relations.  

Key Quotes:

“A successful deal between President Trump and Kim Jong Un could ease pressure on the US-China relationship, providing extra momentum for the ongoing trade talks and more cover for Trump to accept only modest changes to China’s trade and other policies.”

“Conversely, failure to reach a deal at the 12 June summit could result in a less predictable US approach to trade talks, raising volatility and the likelihood that the US imposes an initial round of tariffs with a subsequent Chinese response.”