US President Donald Trump and Japanese Prime Minister Shigeru Ishiba told a joint press conference after their bilateral talk on Feb 7 that Japan was looking at an investment in US Steel instead of an acquisition. Nippon Steel's bid to buy US Steel was blocked by Trump's predecessor Joe Biden last month.
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00:00Thank you very much.
00:07Thank you very much.
00:14Thank you very much.
00:26Thank you very much.
00:54Thank you very much.
01:24Thank you very much.
01:54Thank you very much.
02:15Prime Minister Ishiba and I spoke long and hard about a vital economic relationship between our two countries and the continuance of that relationship.
02:26The United States and Japan trade over $300 billion in goods and services each year.
02:32Japan has invested nearly $800 billion and that's going to go up very, very substantially in the coming months, more than any other country.
02:41And they're going to have some competition.
02:44We have a lot of people coming in and investing in the United States.
02:47We're going to get rid of the trade.
02:48We have a trade deficit with Japan of over $100 billion, but we're going to work that out.
02:53And I think very quickly, frankly, we can do it just on oil and gas.
02:57We can work it out.
02:58So we intend to do it very quickly.
03:01We both understand that.
03:03And as America welcomes new foreign investment, we also want to ensure that companies build their products and factories here in America, not simply by the assets that we have.
03:15And Japan is going to be opening up auto plants.
03:19New auto plants are being built currently as we speak.
03:22They've just been started.
03:24Toyota is one.
03:25And Nissan is going to be doing something very exciting about U.S. Steel.
03:31They'll be looking at an investment rather than a purchase.
03:34We didn't like the idea.
03:35U.S. Steel is a very important company to us.
03:39It was the greatest company in the world for 15 years, many years ago, 80 years ago.
03:44And we didn't want to see that leave.
03:48And it wouldn't actually leave, but the concept, psychologically, not good.
03:53So they've agreed to invest heavily in U.S. Steel as opposed to own it.
03:58And that sounds very exciting.
04:00And we're doing it as an investment, no longer a purchase.
04:03I didn't want it purchased, but investment I love.
04:07And they're going to do a big investment subject to getting the deal done.
04:11And they'll be doing a big.
04:12I'm okay with that, sure.
04:14Thank you very much, everybody.