Tokyo is hoping to avoid falling into the firing line after U.S. President Donald Trump followed through on his campaign promise to impose steep tariffs on three trading partners.

Japan intends to closely monitor the impact on its currency of US President Donald Trump’s new tariffs and is worried about the international fallout from the trade imposts, Finance Minister Katsunobu Kato said.

Policymakers, investors and economists are watching Trump’s trade policy amid fears that his threatened use of tariffs could batter global commerce.

Japanese automakers’ shares tumbled after US President Donald Trump pledged to impose tariffs against Canada and Mexico, with investors worried their operations may be upended considering many have factories south of the border from where they send cars into North America.