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The escalating trade row between Washington and Beijing could impact Japanese companies that source production in China and export grain from U.S. subsidiaries. But many so far appear to be taking a wait-and-see approach on whether the world’s two largest economies will follow through on their proposed tariffs or find a solution that allows both to save face.

After the United States unveiled this week plans to impose a 25 percent tariff worth $50 billion on around 1,300 Chinese high-technology products ranging from electronics to health care, China fired back Wednesday with its own threat to levy 25 percent tariffs on 106 American products worth around $50 billion including soybeans, beef and cars, a move that roiled global markets.

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