WASHINGTON: US President Donald Trump welcomed Japanese Prime Minister Shigeru Ishiba at the White House on Friday (Feb 7) and said the two countries would work to cut Washington’s trade deficit with Tokyo amid escalating trade tensions threatening to rupture the global economy.
At a news conference after their talks, Trump announced progress on Nippon Steel’s blocked US$14.9 billion attempt to take over US Steel, which he has long opposed.
Trump said Nippon was now looking at an “investment, not a purchase”, and added, “I’m okay with that, sure.”
Ishiba, after his first meeting with Trump, said he had conveyed a willingness to cooperate to raise Japanese investment in the United States to US$1 trillion. He highlighted investment plans by Japanese firms Toyota and Isuzu as well as for Japan to increase imports of US liquefied natural gas.
As the two sat together in the Oval Office, Trump told reporters the countries would work together to get the US trade deficit with Japan down to “even” from its current level which Trump put at US$100 billion.
“Should be pretty easy to do,” he said. “I don’t think we’ll have any problem whatsoever. They want fairness too.”
According to the latest US trade data, Japan’s 2024 goods trade surplus was US$68.5 billion compared with US$71.6 billion in 2023.
Trump, whose first three weeks in office have shredded norms and shaken foreign capitals from Ottawa to Bogota, has taken a more conventional approach to Washington’s longstanding Asia-Pacific allies, including Japan, South Korea, Australia and the Philippines.
“After our meeting today, I’m confident that the cherished alliance between our two countries and others also will continue to flourish long and into the future,” Trump said.
