Trump targets $100 billion deficit with Japan, eyes Alaska deal
Donald Trump wants to eliminate the $100 billion trade deficit with Japan, and he has not ruled out imposing tariffs on the country. Both nations are also discussing the potential collaboration on a pipeline in Alaska.
During a press conference following a meeting with Japanese Prime Minister Shigeru Ishiba, U.S. President Donald Trump announced his intention to "very quickly" reduce the U.S. trade deficit with Japan to zero. He stated that this aim could be achieved easily through the sale of liquefied natural gas (LNG) to Japan. He added that both countries are discussing the pipeline in Alaska as "some kind of joint venture," which refers to an entity formed jointly by at least two independent enterprises to achieve a specific project or common goal.
Trump also mentioned that, while he aims to deepen economic cooperation with Japan, he made it clear that "the United States will trade with all countries based on fairness and reciprocity." He added that he is considering imposing tariffs on Japan and many other countries to level the playing field regarding trade barriers. However, he noted that he does not expect any country to suffer from this.
"We will charge them; they will charge us," said Trump.
U.S. and Japan cooperation
The U.S. President also announced that a Japanese steel giant will invest in the American company U.S. Steel instead of taking it over. The plan to take over the American company was blocked by President Joe Biden in January, although Trump was also opposed to foreign control of a company the U.S. considers strategic.
"Next week, the head of Nissan, a very great company, will come here and we will work out the details. I will help; I will be there to mediate," announced Trump, mistakenly naming the Japanese company.
During the conference, Ishiba emphasized the positive atmosphere of the talks and noted his intention to balance the trade balance with the U.S. through gas purchases. Encouraged by Trump, he criticized the previous U.S. administration for not allowing the export of raw materials to Japan. Ishiba also added that although Trump seems "scary" on television, in personal interactions, he was "very sincere and very strong." The Japanese Prime Minister, however, declined to answer whether he would impose retaliatory tariffs on the U.S.
