Scale and development of foreign economic interaction between the USA and Japan in 2009–2021

Abstract

The article analyzes the dynamics of economic cooperation between the US and Japan for the period 2009–2021: bilateral trade, export and import, FDI flows. Particular attention is paid to Japanese FDI and activities of Japanese manufacturing companies in the United States. Bilateral economic relations are a part of the broader context of economic integration in the Asia-Pacific, activities of multinational enterprises and their global production networks. A "triangular" model of trade relations has developed between Japan, China and the United States, with significant part of trade going through global value chains (GVCs). Over the past decade, the US foreign trade policy priorities have changed several times: from the attempt to create a free trade area in the Asia-Pacific under the Obama administration to President Trump’s protectionism and to more liberal economic agenda of the Biden administration. The role of Japan in the Trans-Pacific Partnership creation and reformatting after the US withdrawal is shown. The prerequisites for the progress of bilateral relations to a new stage of scientifi c, technical and economic cooperation in the context of confrontation between the USA and China are analyzed. President Biden’s economic policy priority in the Asia-Pacific is attracting allies to crucial technologies development and increasing global value chains sustainability. Japan is a key partner for the US to secure control over technology transfer, diversify supply sources and strengthen GVCs. Coordination of approaches to promoting economic security is an important priority for the renewed US-Japan alliance, so the two countries can reach a new level of cooperation.