(Business 2.0) – Friction between the United States and China is set to increase with the approach of a May 17 negotiating deadline imposed by the World Trade Organization. At issue: Washington complains that Beijing's recently imposed 17 percent tariff on imported integrated circuits will cost U.S. chip companies $344 million this year. U.S. officials are also squawking about China's plans to adopt a Wi-Fi security standard that squeezes out non-Chinese companies. The vitriol plays well in an election year, but companies like Boeing, FedEx, and General Motors may get caught in the cross fire if the dispute turns ugly.