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Understanding industrial policy in an era of economic security

Japan and the United States are committed to working together to promote and protect key emerging technologies โ€“ a deepening cooperation underpinned by growing competition between the US and China.

โ€œWe intend to sharpen our innovative edge and strengthen our economic security,โ€ read a joint statement issued during the summit between Prime Minister Fumio Kishida and US President Joe Biden in Washington on April 10.

How the tables have turned. During the height of the US-Japan trade wars in the 1980s, Tokyo’s industrial policies were regularly the target of US criticism.

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