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Welles refused to accede to Soviet demands that the United States recognize the changed borders of the Soviet Union after the Soviet seizure of territory in Finland, Poland, and Romania and the reincorporation of the Baltic Republics in August 1940, but the U.S. Government did lift the embargo in January 1941.
The US was already anticipating a future clash with rising Asian powers Today, tensions between the USA and PRC are front page news but it has its roots over a century ago. Even back in 1900 the western nations were very wary of China's eventual return to power and Japan's rapid industrialization. Sun Yatsen even accused the US of taking Korea away from the Chinese sphere of influence to weaken them.