Impact of the United States' shift toward protectionism on the global economy
First written in FY2017-Q3. 11 of 17 entries say "Worsened", first in FY2018. Latest entry: FY2026.
Sun A.Kaken moved to the "Worse" side of this theme in 2018, 2 years before the typical company in this theme (2020).
The whole theme swung hardest in 2022: 106 of 135 companies on the "Worse" side.
76 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「The outlook remains uncertain due to geopolitical risks, including conditions in the Middle East, uncertainty over US trade policy, volatility in the financial and capital markets, and persistently high raw material and energy prices.」
The previous concerns over US protectionism and trade friction have continued in the form of uncertainty over trade policy, alongside financial-market, geopolitical, and cost factors. - 2026-05-15RestatedEarnings
「The economic outlook remains uncertain due to concerns including continued inflation and labor shortages, as well as energy issues and uncertainty over the supply of petroleum-related products resulting from heightened tensions in the Middle East.」
Heightened tensions in the Middle East were cited as an economic concern through their impact on energy issues and uncertainty over the supply of petroleum-related products. - FY2026-H1WorsenedAnnual report
「During the interim cumulative consolidated period under review, Japan's economy remained uncertain, with growing downward pressure on corporate earnings, particularly at export-related companies, due to developments in US tariff policy.」
The previous concerns over US protectionism and trade friction have taken concrete form as downward pressure on earnings at export-related companies from US tariff policy. - FY2021WorsenedAnnual report
「For the two-layer extruded surface-protection film “PAC” and the precision-coated surface-protection film “SAT,” orders for polarizer applications and smartphone-related products declined amid deteriorating relations between China and the United States, resulting in lower revenue.」
The previous concerns over US-China trade friction and protectionism materialized as a specific impact: lower orders for PAC and SAT due to deterioration in US-China relations. - FY2021-Q3WorsenedAnnual report
「Orders for PAC, a two-layer coextruded surface protection film, and SAT, a precision-coated surface protection film, for polarizers and smartphones declined due to the impact of COVID-19 and tighter U.S. export controls on Chinese companies, resulting in lower revenue.」
The previous concerns over US protectionism and tensions between the United States and China were described as having had concrete effects, including tighter US export controls on Chinese companies and lower orders for PAC and SAT. - FY2021-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, the global economy was recovering from the sharp deterioration caused by the worldwide COVID-19 pandemic, but economic activity remained sluggish as the increase in new infections continued unabated.」
In addition to existing concerns over external conditions, including US-China trade friction, the global economy has been recovering from the impact of infectious disease, but remains sluggish. - FY2021-Q1WorsenedAnnual report
「Although these measures were lifted or eased after a certain period, the spread of the infection continued unabated. With the simultaneous escalation of tensions between the US and China, the future economic situation is unpredictable.」
Regarding the previous concerns over US protectionism and US-China trade friction, the disclosure stated that the future economic environment was difficult to predict due to escalating tensions between the United States and China and the continuing spread of infectious disease. - FY2020WorsenedAnnual report
「During the fiscal year under review, the economy, which had been on a moderate recovery trend through the previous fiscal year, shifted into a period of stagnation due to the prolonged US-China trade friction.」
The concern over US protectionism has taken concrete form in prolonged US-China trade friction and stagnation in the global economy. - FY2020-Q3RestatedAnnual report
「During the third quarter of the current consolidated cumulative period, the outlook for the global economy remained uncertain amid concerns about the effects on economic activity of various issues, including US-China trade friction, the slowdown in the Chinese economy and the UK's withdrawal from the EU.」
The previous concerns over US protectionism and trade friction have continued in the form of uncertainty surrounding the global economy due to US-China trade friction and the slowdown in the Chinese economy. - FY2020-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, the economic outlook remained uncertain due to the effects of US-China trade friction and the slowdown in the Chinese economy, among other factors.」
The previous concerns over protectionism and trade friction have continued in the form of uncertainty surrounding the global economy due to the impact of US-China trade friction and the slowdown in the Chinese economy. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, the US economy remained resilient, but the global economic outlook continued to be uncertain as US-China trade friction intensified and the Chinese economy slowed.」
The previous concern over US protectionism has taken concrete form in intensifying US-China trade friction and a slowdown in the Chinese economy, while uncertainty over the global outlook has continued. - FY2019WorsenedAnnual report
「The global economy remained firm, supported by the strong US economy, but the slowdown in the Chinese economy was becoming increasingly evident due to US-China trade friction. Together with various concerns surrounding the UK's withdrawal from the EU, this gradually heightened uncertainty in the global economy during the second half of the fiscal year.」
The previous concern over US protectionism has taken concrete form in a slowdown in the Chinese economy caused by US-China trade friction and increased uncertainty surrounding the global economy. - FY2019-Q3RestatedAnnual report
「During the cumulative consolidated period under review, the global economy remained firm, supported by the strong US economy, but intensifying US-China trade friction has cast a shadow over corporate activity in both countries and is beginning to have a negative impact on the global economy.」
The disclosure continues to state that US-China trade friction is beginning to have a negative impact on corporate activity in both countries and on the global economy. - FY2019-Q2WorsenedAnnual report
「During the cumulative consolidated period under review, the global economy remained firm, supported by the strong US economy, but the effects of US-China trade friction, political instability in Europe, and rising geopolitical risks in the Middle East are beginning to spread.」
The concern over US protectionism was described as taking concrete form in intensifying US-China trade friction, with its impact on the global economy continuing to expand. - FY2019-Q1WorsenedAnnual report
「During the cumulative consolidated period under review, the global economy recovered moderately, driven by the strong US economy, despite issues including worsening conditions in the Middle East and US-China trade friction. In Japan, the global economic recovery, together with rising corporate earnings and improving employment conditions, led to an expansion in capital investment and personal consumption, and signs of an economic recovery became increasingly clear. However, concerns remain that protectionism will intensify globally in the area of trade, and the Japanese economy continues to face an unstable situation.」
In addition to US-China trade friction, worsening conditions in the Middle East were cited, with concerns continuing over a global shift toward stronger protectionism and instability in the domestic economy. - FY2018WorsenedAnnual report
「However, concerns have emerged about the impact on the economy of the US-China trade friction, which began to intensify in early spring, and the outlook cannot be viewed optimistically.」
The previous concern about US protectionism was presented as a specific risk involving the economic impact of US-China trade friction. - FY2017-Q3First statedAnnual report
「However, the United States is currently strengthening its shift toward protectionism, raising concerns about the impact on the global economy going forward.」
The third-quarter discussion of economic conditions identified the potential impact of the United States' shift toward protectionism on the global economy as a new concern. The business and other risks section, however, stated that there were no new risks.