The Trump administration’s 25 percent tariff on imported steel has triggered retaliation from U.S. trading partners such as Canada, the European Union, and China. But over the past few months, Japan, which has also been a target of U.S. tariffs, and which runs a $69 billion trade surplus with the U.S. (the third-largest trade imbalance the U.S. has with another county behind Mexico and China), has been relatively quiet. So, how are Japanese companies and trade officials feeling about the president’s efforts to turn the economic screws? The answer varies a lot depending on whether you’re talking about steel production or auto manufacturing.

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