In Donald Trump’s first term as president, Japan stood out as an exception in opting not to retaliate against his tariff hikes, as the late Prime Minister Shinzo Abe reckoned it was better to shrug them off in favor of maintaining the broader economic and security relationship.

The president has pitched his trade policies at workers who feel left behind by globalization. But that doesn’t mean trade barriers will revive factories and close income gaps.

President Donald Trump signed an executive order Thursday, slapping tariffs on most of America's trading partners set to take effect next week.