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Yahoo
13 minutes ago
- Yahoo
Japan says $550 billion package in trade deal could finance Taiwanese chipmaker in US
By Makiko Yamazaki TOKYO (Reuters) -Japan's $550 billion investment package agreed in this week's U.S. tariff deal could help finance a Taiwanese firm building semiconductor plants in the U.S., Japan's top trade negotiator Ryosei Akazawa said on Saturday. Japan agreed to the sweeping U.S.-bound investment initiative, which includes equity, loans and guarantees, in exchange for lower tariffs on its exports to the U.S. However, the structure of the scheme remains unclear. "Japan, the United States, and like-minded countries are working together to build supply chains in sectors critical to economic security," Akazawa told public broadcaster NHK. To that end, he said projects eligible for financing under the package are not limited to U.S. or Japanese firms. "For example, if a Taiwanese chipmaker builds a plant in the U.S. and uses Japanese components or tailors its products to meet Japanese needs, that's fine too," he said, without specifying companies. The U.S. is significantly reliant on Taiwan's TSMC for advanced chip manufacturing, raising economic security concerns due to geographic proximity to China. TSMC announced plans for a $100 billion U.S. investment with U.S. President Donald Trump at the White House in March, on top of $65 billion pledged for three plants in the state of Arizona, one of which is up and running. Japan will use state-owned Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI) for the investments. A recent law revision has enabled JBIC to finance foreign companies deemed critical to Japan's supply chains. Akazawa told NHK that equity investment would account for just about 1-2% of the $550 billion, suggesting that the bulk will come in the form of loans and guarantees. When asked about the White House statement that the U.S. would retain 90% of the profits from the package, he clarified that the figure refers only to returns on equity investment, which would represent a small fraction of the total. While Japan initially hoped to secure half of the returns, a loss from the concession on the profit-sharing would be marginal compared to the roughly 10 trillion yen ($67.72 billion) in tariff costs that could be avoided under the deal, he said. He added that Japan aims to deploy the $550 billion investments during Trump's current term. ($1 = 147.6600 yen) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13 minutes ago
- Yahoo
Trump says Japan will invest $550 billion in US at his direction. It may not be a sure thing
WASHINGTON (AP) — President Donald Trump is bragging that Japan has given him, as part of a new trade framework, $550 billion to invest in the United States. It's an astonishing figure, but still subject to negotiation and perhaps not the sure thing he's portraying. "Japan is putting up $550 billion in order to lower their tariffs a little bit," Trump said Thursday. 'They put up, as you could call it, seed money. Let's call it seed money.' He said 90% of any profits from the money invested would go to the U.S. even if Japan had put up the funds. 'It's not a loan or anything, it's a signing bonus,' the Republican president said, on the trade framework that lowered his threatened tariff from 25% to 15%, including on autos. A White House official said the terms are being negotiated and nothing has been formalized in writing. The official, who insisted on anonymity to detail the terms of the talks, suggested the goal was for the $550 billion fund to make investments at Trump's direction. The sum is significant: It would represent more than 10% of Japan's entire gross domestic product. The Japan External Trade Organization estimates that direct investment into the U.S. economy topped $780 billion in 2023. It is unclear the degree to which the $550 billion could represent new investment or flow into existing investment plans. What the trade framework announced Tuesday has achieved is a major talking point for the Trump administration. The president has claimed to have brought trillions of dollars in new investment into the U.S., though the impact of those commitments have yet to appear in the economic data for jobs, construction spending or manufacturing output. The framework also enabled Trump to say other countries are agreeing to have their goods taxed, even if some of the cost of those taxes are ultimately passed along to U.S. consumers. On the $550 billion, Japan's Cabinet Office said it involves the credit facility of state-affiliated financial institutions, such as Japan Bank for International Cooperation. Further details would be decided based on the progress of the investment deals. Japanese trade negotiator Ryosei Akazawa, upon returning to Japan, did not discuss the terms of the $550 billion investment. Akazawa said he believes a written joint statement is necessary, at least on working levels, to avoid differences. He is not thinking about a legally binding trade pact. The U.S. apparently released its version of the deal while Japanese officials were on their return flight home. 'If we find differences of understanding, we may have to point them out and say 'that's not what we discussed,'' Akazawa said. The U.S. administration said the fund would be invested in critical minerals, pharmaceuticals, computer chips and shipbuilding, among other industries. It has said Japan will also buy 100 airplanes from Boeing and rice from U.S. farmers as part of the framework, which Treasury Secretary Scott Bessent said would be evaluated every three months. 'And if the president is unhappy, then they will boomerang back to the 25% tariff rates, both on cars and the rest of their products. And I can tell you that I think at 25, especially in cars, the Japanese economy doesn't work,' Bessent told Fox News' 'The Ingraham Angle.' Akazawa denied that Bessent's quarterly review was part of the negotiations. 'In my past eight trips to the United States during which I held talks with the president and the ministers," Akazawa said. 'I have no recollection of discussing how we ensure the implementation of the latest agreement between Japan and the United States.' He said it would cause major disruptions to the economy and administrative processes if the rates first rise to 25% as scheduled on Aug. 1 and then drop to 15%. 'We definitely want to avoid that and I believe that is the understanding shared by the U.S. side,' he said. On buying U.S. rice, Japanese officials have said they have no plans to raise the current 770,000-ton 'minimum access' cap to import more from America. Agricultural Minister Shinjiro Koizumi said Japan will decide whether to increase U.S. rice imports and that Japan is not committed to a fixed quota. Trump's commerce secretary, Howard Lutnick, has suggested that the Japanese agreement is putting pressure on other countries such as South Korea to strike deals with the U.S. Trump, who is traveling in Scotland, plans to meet on Sundayv with European Commission President Ursula von der Leyen to discuss trade. 'Whatever Donald Trump wants to build, the Japanese will finance it for him,' Lutnick said Thursday on CNBC. 'Pretty amazing.' ___ Yamaguchi reported from Tokyo. Josh Boak And Mari Yamaguchi, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
UPI
13 minutes ago
- UPI
Trump delivers immigration message on Scotland visit
1 of 3 | President Donald Trump played golf in Scotland Saturday morning, teeing it up at his Trump Turnberry golf resort ahead of meetings with European lawmakers and delivering a message after leaving the White House on Friday (pictured). Photo by Will Oliver/UPI | License Photo July 26 (UPI) -- President Donald Trump played golf in Scotland Saturday morning, teeing it up at his Trump Turnberry golf resort ahead of meetings with European lawmakers and delivering a message. "I say two things to Europe: Stop the windmills. You're ruining your countries. I really mean it, it's so sad. You fly over and you see these windmills all over the place, ruining your beautiful fields and valleys and killing your birds," Trump told reporters after arriving on Friday. "On immigration, you better get your act together. You're not going to have Europe any more," he said. Trump is scheduled to discuss trade during a Monday meeting with British Prime Minister Keir Starmer and Scottish First Minister John Swinney. He is also expected to meet with European Commission president Ursula von der Leyen during the four-day visit to Scotland. The delegation will start arriving Saturday and include European trade commissioner Maros Sefcovic, as well as von der Leyen, who Trump referred to as a "highly respected woman." U.S. officials and their EU counterparts are continuing attempts to reach a deal before an Aug. 1 deadline that will see 30% reciprocal tariffs take effect on all EU member states. The United States and Britain reached a deal in June on tariffs between the two countries, although Trump and Starmer were expected to iron out details during their meeting. Protestors demonstrated against Trump's visit in both Edinburgh and Aberdeen Saturday morning, including outside the Trump-owned golf course. He will also visit another of his privately-owned courses, Trump International Scotland in Aberdeenshire, during the trip. "We are really excited, across this whole weekend, there's so many campaign groups turning out in the streets, taking in action in their communities or at rallies like this. It's kind of like a carnival of resistance," demonstrator Anita Bhadani told the BBC outside of the U.S. Consulate General's office in Edinburgh Saturday, after helping to organize the Stop Trump Coalition. The coalition said its purpose is to "defeat the politics of Trumpism, and to promote an alternative, democratic vision of the world based on peace, social justice and international cooperation."
