Japan reports progress on $550 billion investment initiative with the US
Japan reported progress in implementing a $550 billion investment initiative created under a trade agreement with the United States. Japan’s trade minister, Ryosei Akazawa, said this in Washington after meetings with US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, The Japan Times reports.
Third project package
Akazawa did not disclose details of the third package of projects under the initiative. He noted that discussions in the fields of artificial intelligence and semiconductors would carry very significant weight.
According to the minister, Japan continues to develop and implement projects intended to bring mutual benefits amid the growing role of the AI and chip manufacturing industries. The initiative is intended to stimulate Japanese investment in key sectors of the US economy.
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It was one of the central elements of last year’s tariff agreement, under which US President Donald Trump agreed to set tariffs on Japanese goods at 15% and reduce the duty on automobiles.
Announced investments
The first project package provides for $36 billion in investment in US oil, gas and mineral extraction projects, including a natural gas production facility in Ohio. The second package covers planned investments of $73 billion in a nuclear energy project in Tennessee and Alabama, as well as gas-fired power plants in Pennsylvania and Texas.
Akazawa also said that the sides confirmed that no additional tariffs would be introduced for Japan beyond the terms of last year’s agreement.
