Prime Minister Shigeru Ishiba pledged Friday that Japan will invest $1 trillion (about ¥151 trillion) in the United States during his first in-person summit with U.S. President Donald Trump.
The meeting took place at the White House in Washington and lasted about one hour and 50 minutes, including a working lunch. Following the talks, the two leaders issued a joint statement reaffirming the United States’ “unwavering commitment” to Japan’s defense and underscoring the strength of the Japan-U.S. alliance in promoting a “free and open Indo-Pacific.”
Ishiba also said Japan intends to expand imports of liquefied natural gas produced in the United States as part of efforts to strengthen energy security between the two countries.
Japan’s direct investment in the United States totaled $783.3 billion (about ¥120 trillion) in 2023. Ishiba indicated that Tokyo aims to raise that figure to $1 trillion in the future, highlighting Japan’s position as the largest foreign investor in the United States for five consecutive years.
He pointed to new factory construction plans by Toyota Motor Corp. and Isuzu Motors Ltd. in the United States as examples of continued Japanese investment. Both leaders confirmed their intention to cooperate on expanding investment and employment in their respective countries.
The leaders also discussed the proposed acquisition of U.S. Steel Corp. by Nippon Steel Corp. They shared the view that the transaction should be considered an investment rather than a takeover and agreed to work together toward a resolution.
At a joint press conference, Trump said Nippon Steel was planning a significant investment. “I didn’t want U.S. Steel purchased, but investment I love,” he said. “I’m okay with it, sure.” Trump added that he planned to meet with Nippon Steel executives during the week to discuss the issue.
The proposed acquisition has faced uncertainty since former President Joe Biden issued an executive order blocking the purchase on national security grounds. While the summit may affect the situation, the future of the deal remains unclear.
At the outset of the meeting, Trump raised concerns about the U.S. trade deficit with Japan, which he said was about $100 billion (roughly ¥15 trillion). When asked whether he would consider raising tariffs if the imbalance was not addressed, Trump said he would.
On security matters, the two leaders expressed opposition to China’s unilateral attempts to change the status quo in the East and South China Seas. They also reaffirmed the importance of peace and stability in the Taiwan Strait.
Additionally, the leaders agreed to cooperate on the complete denuclearization of North Korea and to address the issue of Japanese nationals abducted by Pyongyang.
Ishiba told Trump that Japan is progressing steadily toward its goal of increasing security-related spending to 2% of gross domestic product over the five years ending in fiscal 2027. He sought understanding for Japan’s efforts and reaffirmed Tokyo’s commitment to strengthening its defense capabilities beyond fiscal 2027 as part of its next Defense Buildup Program.
