Japan and the US are set to speed up an initiative for Japan to invest US$550 billion (RM2.23 trillion) into the US, agreed as part of a broader trade deal to lower tariffs imposed by US President Donald Trump. 

“Ministers are aligned on expediting preparations so that the first project under the Strategic Investment Initiative could be announced as early as possible,” according to a statement released by the Japanese Foreign Ministry on Wednesday. 

The consultation panel discussing the first project took place on Tuesday night. It was attended by Japanese Trade Minister Ryosei Akazawa, as well as Secretary of Commerce Howard Lutnick and Secretary of Energy Chris Wright from the US side, and lasted some two hours.

Japan could face the return of higher tariffs if it doesn’t fund a project within 45 days of Trump’s decisions. Earlier this year, Trump threatened to raise tariffs on Japanese goods to 25%, then scaled that back to 15% for most goods after Japan agreed to boost investment in the US through the US$550 billion mechanism.

Source: theedgemalaysia