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(Bloomberg) — The US and Japan remain far apart over which projects should be funded first under the framework of a $550 billion investment vehicle even as the two sides made progress in their latest round of talks, Japanese Trade Minister Ryosei Akazawa said.
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Akazawa met for 85 minutes with US Commerce Secretary Howard Lutnick on Thursday in Washington to discuss establishing the initial projects. He didn’t announce any projects or elaborate on the details of the private discussion.
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“It is premature to say what exactly we will be able to introduce to everyone as the first batch,” Akazawa said to reporters in Washington. “I have stated that despite the tremendous efforts made by staff, a significant gap remains.”
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The trade minister added that he can’t say when the first projects will be determined or announced, or when he might meet with Lutnick again for further discussions.
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Akazawa said he and Lutnick also discussed how to join forces to help both nations diversify their supplies of critical minerals. He added he plans Friday to attend the meeting of trade ministers on critical minerals hosted by US Trade Representative Jamieson Greer.
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He said he would continue tough negotiations keeping in mind that Japanese Prime Minister Sanae Takaichi plans to visit the US in March.
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“Prime Minister Takaichi has built an exceptionally strong bond with President Trump,” Akazawa said. “Bearing in mind the perspective of making her visit to the US more fruitful, we will continue to advance efforts to strengthen economic relations that serve the mutual interests of both Japan and the US.”
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Prior to the latest round of negotiations, three projects were seen as finalists in a review process, according to people familiar with the matter. They are related to a data center infrastructure project led by SoftBank Group Corp., a deep sea oil terminal in the Gulf of Mexico and synthetic diamonds for semiconductors, according to the people.
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The $550 billion fund is meant to spur a wave of Japanese investment into key US industries and was a central pillar of a tariff deal struck between the two nations last year. Under that agreement, Trump agreed to set levies on all imports from Japan at 15%, lowering the previous duty on automobiles, a critical driver for Japan’s economy.
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The two nations identified a set of potential projects with cost estimates ranging from $350 million to as much as $100 billion during Trump’s visit to Japan last year. That framework included investments in energy, artificial intelligence and critical mineral initiatives involving companies including SoftBank, Westinghouse and Toshiba Corp.
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After a selection is made, Japan has 45 business days to start funding the initiative, according to an agreement between the countries.
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