00:00The U.S. White House on Wednesday revealed more details of the U.S.-Japan trade deal
00:07that both sides had reached the day before.
00:10The U.S. administration said the investment amounting to US$550 billion committed by Japan
00:16will be used in key industries like energy, semiconductors, critical minerals, pharmaceuticals,
00:23and shipbuilding.
00:24Japan will now pay a 15 percent tariff versus the reciprocal rate of 24 percent that they
00:31initially had.
00:33Auto and auto parts tariffs have been reduced to 15 percent, but the centerpiece of this
00:37deal now is the President got Japan to commit to $550 billion in investments to revitalize
00:45American industries.
00:46And these funds will be spent at President Trump's discretion and direction into key industries,
00:51the U.S. will retain 90 percent of the profits from any investments made by this $550 billion
00:58fund.
00:59But the opening up of a country is very important to us.
01:02We have numerous countries that have opened their doors, just made some incredible transactions.
01:11But we're going to have a very, very simple tariff for some of the countries.
01:16There's so many countries you can't negotiate deals with everyone.
01:18So we'll have a straight, simple tariff of anywhere between 15 and 50 percent.
01:24A couple of we have 15 because we haven't been getting along with those countries too well.
01:28So we just say, let's pay 50.
01:31And that's the way it is.
01:33And we're making deals with various Asian countries that need it.
01:37And it's actually hard to believe you don't think of it.
01:39Asia is very close to Alaska, relatively speaking.
01:43It's not the closest, but it is pretty much the closest when it comes to oil and gas and
01:48energy.
01:49And we're making some incredible deals.
01:51The U.S. and Japan announced they had agreed to a deal which will see the tariff rate for
01:56Japanese exports to the U.S. to be slashed to 15 percent from 24 percent, and for auto and
02:03auto parts also down from 25 percent to 15 percent.
02:07The U.S. said Japan will also open up its market to American companies, while both countries
02:13will form a joint venture for liquefied natural gas in Alaska.
02:16The U.S. administration also struck trade deals with Indonesia and the Philippines over
02:39the past week.
02:40It has sent a total of 25 letters on reciprocal tariffs to countries around the world as many
02:46nations are racing against the August 1st implementation date to strike a deal with the U.S.
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