The U.S.-China trade war has a significant impact on the political economy of East Asia. Long before the outbreak of the U.S.-China trade war, however, structural changes in value chains in trade, investment, technology, and industry were already made in East Asia. This session will analyze how the value chain has changed in key industries and technology, such as the automobile industry and semi-conductor industry, and what has driven this change in East Asia. Furthermore, this session will discuss the implications and limitations of the policies by relevant countries like the U.S., China, South Korea, and Japan, to restore, strengthen, or reshape the global value chains in East Asia. By going beyond the examination of political strategies and tariff policies, the session will serve as an important venue to identify the ongoing changes in the value chain at the industrial and technology level, thereby searching for industrial and technological grounds for reinventing multilateralism in East Asia.