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

Japanese Prime Minister Shigeru Ishiba has said he will focus on his country’s safety and national interests over meeting the US government’s demands in recent trade talks.

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.