Global Trade

If implemented, the steel and aluminum tariffs would represent one of the most lopsidedly self-destructive U.S. trade policy decisions in recent memory. ... The tariffs will hurt the U.S. economy, cost U.S. jobs, and create inflationary pressure. By doing harm to U.S. allies, this action also undermines America's ability to attract support for an effective, multilateral strategy for dealing with China's unfair trade practices. ... [Mr. Trump] has given China a gift.

There are important geoeconomic considerations driving a more proactive Japanese foreign economic policy. In the long term, the goal is to anchor the U.S. to the regional architecture by encouraging its return to TPP. In the medium term it is about developing cooperation among like-minded countries to tame Chinese mercantilism in areas such as excess steel capacity and forced technology transfers.