"The US president and Sanae Takaichi, Japan's prime minister, announced a trio of projects including a power plant in Portsmouth, Ohio, billed by the Trump administration as the largest natural gas-fired generating facility in US history. As a diplomatic row between Japan and China over the security of Taiwan continues, testing the Japanese economy, Takaichi said the projects would strengthen her country's ties with the US."
"Most of the first wave of investment will go towards the plant in Portsmouth, Ohio, which will generate 9.2 gigawatts of electricity each year, according to the administration. It will be operated by SB Energy, which is a subsidiary of Japanese conglomerate SoftBank Group. The industrial diamond manufacturing site in Georgia, valued at about $600m, is designed to ensure the US can fully produce all the synthetic diamond grit a critical material for advanced manufacturing and semiconductors it requires domestically."
Japan will invest about $36bn in US oil, gas and critical mineral projects as the first wave of a $550bn commitment under a US-Japan trade deal. Projects include a 9.2 gigawatt natural gas-fired power plant in Portsmouth, Ohio operated by SB Energy (SoftBank Group), a deepwater crude oil export facility off Texas, and a $600m synthetic industrial diamond manufacturing site in Georgia to supply materials for semiconductors and advanced manufacturing. The investments aim to strengthen Japanese and US economic and energy security amid regional tensions over Taiwan. The deal included US tariff reductions on Japanese exports, while economists warned tariff-heavy strategies could exacerbate inflation.
#japan-us-investment #energy-infrastructure #critical-minerals-and-synthetic-diamonds #trade-and-tariffs
Read at www.theguardian.com
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