US-Japan relations in an era of economic statecraft

National security and economic globalization are increasingly intertwined. Amid rapid technological change and increased tension in the international system, the United States and Japan are each honing their own economic policies with a new emphasis on industrial policy to nurture advanced manufacturing and science and innovation, strengthening supply chains, and reducing dependence on China. In addition to the renewed focus on economic security, Japan and the U.S. are also promoting economic connectivity through shared activities in the Quad and the proposed Indo-Pacific Economic Framework, while Japan continues to play a leadership role in the Comprehensive and Progressive Trans-Pacific Partnership. More recently, the two allies have engaged in an unprecedented coordination of economic sanctions against Russia for its invasion of Ukraine. How do Japanese and American visions of economic statecraft overlap, and what are the future opportunities for the allies to work together in this space?

On May 4, the Center for East Asia Policy Studies at the Brookings Institution hosted a panel of policy practitioners from Japan and Washington, D.C.-based experts to discuss how the United States and Japan can coordinate their industrial policies effectively and promote science and tech collaboration. Panelists discussed the challenges of reconciling economic security with economic connectivity, and the contours of a redefined relationship with China at a time when deglobalization trends are strengthening.

After the discussion, panelists took questions from the audience. Online viewers submitted questions via e-mail to events@brookings.edu or via Twitter at #USJapan.

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