The Dollar is rallying as stocks give up their overnight gains following remarks from Commerce Secretary Wilbur Ross that seemed to pour cold water on Trump’s overnight tweet on ZTE and hopes that a trade war with China was easing…

U.S. Commerce Secretary Wilbur Ross speaking Monday at National Press Club in Washington (via Bloomberg)

Ross says China has not beenplaying fair on trade and the U.S. will impose EU steel tariffs if deal not reached by June 1.

Ross says that the dollar does factor into trade balances, the gap remains wide between China and U.S. on trade, and he hopes relationship between President Trump and President Xi can facilitate an agreement.

Then Ross commented directly on ZTE…

Ross says steps taken against Chinese telecoms equipment maker ZTE Corp. were an enforcement action, to be viewed separately to negotiations over trade.

Says ZTE violated sanctions against North Korea and Iran.

The Dollar started to rise…

And stocks dumped into the red…