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.

Businesses across multiple industries are hiking prices, backing away from previous financial guidance and warning of growing uncertainty as U.S. President Donald Trump's trade war pushes up costs, upends supply chains and stirs concerns about the global economy.