Japan had long maintained deep economic ties with both China and the United States. Recent trade tensions may challenge that approach.

U.S. Treasury Secretary Scott Bessent said in a Tuesday speech that the ongoing tariffs showdown with China is unsustainable and expects a “de-escalation” in the trade war between the world’s two largest economies.

Caveats: It’s still very early in Trump’s global trade war. And a company could theoretically blame the tariffs publicly for reductions it had planned before he took office. Watch for Securities and Exchange Commission filings, where there are penalties for not being truthful.