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Investing.com -- U.S. Commerce Secretary Howard Lutnick said Japan’s $550 billion investment package for the United States will target sectors crucial to national security with "virtually no risk," such as power and pipelines.
In an interview with the Nikkei business daily published on Monday, Lutnick revealed that 10 to 12 Japanese companies in power supply and shipbuilding sectors are preparing to explore U.S. investment opportunities, with the first project potentially identified by the end of 2025.
Japanese firms would provide gas turbines, transformers, and cooling systems to help expand U.S. power generation capacity, according to Lutnick.
The Commerce Secretary also stated that tariffs on Japanese-made semiconductors and pharmaceuticals will remain at 15%.
Lutnick indicated that Washington will likely ease visa regulations to allow foreign workers to enter the U.S. to build factories and train American workers.