ISTANBUL, Feb 18 (Bernama-Anadolu) –- US President Donald Trump said Tuesday that Japan is moving ahead with the first tranche of investments under its US$550 billion commitment as part of the trade deal announced in July last year, highlighting three “tremendous” projects in oil, gas and critical minerals in the US.
"Our massive trade deal with Japan has just launched," the US president said in a post on his social media, Truth Social.
He added that the investment pledge by Tokyo was part of "our Historic Trade Deal to Revitalise the American Industrial Base, create hundreds of thousands of great American jobs, and strengthen our national and economic security like never before."
"Today, I am pleased to announce three tremendous projects in the strategic areas of oil & gas in the great state of Texas, power generation in the great state of Ohio, and critical minerals in the great state of Georgia," he said.
The projects are massive in scale and, according to Trump, would not be possible without one key tool: tariffs.
He said the gas-fired power plant in Ohio, a state he won three times, would be the largest ever built, while a new liquefied natural gas facility in the "Gulf of America", officially the Gulf of Mexico, would boost exports and strengthen US energy dominance.
He said a critical minerals facility would help end the country’s "foolish" dependence on foreign sources.
"America is building again. America is producing again. And America is winning again. This is a very exciting and historic time for the United States of America and Japan. Congratulations to all!" Trump added.
Last July, the US and Japan announced what Trump described as a “massive” trade deal. Writing on Truth Social, he said it was “perhaps the largest deal ever made", and that Japan would invest US$550 billion in the US at his direction, with the US set to receive 90 per cent of the profits.
He also noted that Tokyo would pay 15 per cent in “reciprocal tariffs", reduced from the previous 25 per cent.
-- BERNAMA-ANADOLU
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