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

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.

Tokyo signals renewed interest in negotiations with a personal letter from Prime Minister Shigeru Ishiba to Chinese President Xi Jinping.