Unlike the European Union, the Japanese government has made no indication it plans to impose any kind of reciprocal tariff on the U.S., even if the U.S. does move forward with its planned 25% tariffs on all Japanese exports.

Small and medium-sized firms like Mitsuwa Electric that form the backbone of Japan's economy have weathered many storms over the decades, and company president Yuji Miyazaki is hopeful they will also withstand Donald Trump.

Japan told Group of 20 countries that tariffs aren’t the right way to fix imbalances, and that countries facing such situations need to address them through domestic efforts, according to Finance Minister Katsunobu Kato.

President Trump said he plans to write to many nations setting a blanket unilateral tariff rate, which he said could be 10% or 15%. "We’ll have well over 150 countries that we’re just going to send a notice of payment out" detailing tariffs,