INTERNATIONAL
Lutnick says update on Japan's US$550 billion in US investment coming this week
The Japanese funds could be used for the manufacturing of products such as semiconductors, antibiotics or rare earths in the US, says Commerce Secretary Howard Lutnick. - REUTERS/Filepic
THE United States will make an announcement this week on Japan's $550 billion investment in the U.S., Commerce Secretary Howard Lutnick said, with a top Japanese trade envoy planning to visit Washington to formalize the package.
AI Brief
"The Japanese agreement, which we're going to announce later this week, that's $550 billion at the hand of Donald Trump," Lutnick told the Ingraham Angle show on Fox News on Monday night (August 25).
The Japanese funds could be used for the manufacturing of products such as semiconductors, antibiotics or rare earths in the U.S., Lutnick added.
Tokyo's top trade negotiator Ryosei Akazawa plans to visit the U.S. this week to craft a written confirmation on the financial details of the package, such as the split of investment returns between the U.S. and Japan, a government source close to the negotiations told Reuters.
Washington and Tokyo agreed in July to set a reduced 15% tariff on imports from Japan in exchange for a $550 billion package of U.S.-bound investment through government-backed loans and guarantees, but details of its contents remain obscure.
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AI Brief
- Japan will invest US$550 billion in the US for manufacturing sectors like semiconductors and rare earths.
- In return, the US will apply a reduced 15% tariff on Japanese imports, boosting bilateral trade cooperation.
- Japan's top negotiator will visit the US to finalise terms, including how investment returns will be shared.
"The Japanese agreement, which we're going to announce later this week, that's $550 billion at the hand of Donald Trump," Lutnick told the Ingraham Angle show on Fox News on Monday night (August 25).
The Japanese funds could be used for the manufacturing of products such as semiconductors, antibiotics or rare earths in the U.S., Lutnick added.
Tokyo's top trade negotiator Ryosei Akazawa plans to visit the U.S. this week to craft a written confirmation on the financial details of the package, such as the split of investment returns between the U.S. and Japan, a government source close to the negotiations told Reuters.
Washington and Tokyo agreed in July to set a reduced 15% tariff on imports from Japan in exchange for a $550 billion package of U.S.-bound investment through government-backed loans and guarantees, but details of its contents remain obscure.