Lutnick says update coming this week on Japan’s $550 billion US investment

Tokyo (Reuters) -A US will make an announcement in Japan’s $ 550 billion investment this week, Trade Secretary Howard Lutnick, the best Japanese trade ambassador was reportedly planned to visit Washington to formal the agreement.

“The Japanese agreement we will announce later this week, Donald Trump’s $ 550 billion in the hands of Donald Trump,” Lutnick said to Lutnick. He said.

In July, Washington and Tokyo agreed to identify a 15% tariff for Japanese goods for Japanese goods in exchange for an investment package of $ 550 billion via state -supported loans and guarantees, but the details of the package remained uncertain.

Japanese publisher FNN said that on Monday, Tokyo’s biggest trade negotiator, Ryosei Akazawa, will visit the United States to discuss a document to formalize the agreement.

While the US side calls on Japan to make a written agreement on investment plans, the Japan hopes not to legally connect the document and to request a presidential order to soon reduce tariffs for Japanese goods.

The lack of a signed document on the US-Japan Trade Agreement created confusion about the tariff rates in Tokyo until Lutnick and US Treasury Secretary Scott Bessent were exempted from overlapping taxes at the beginning of this month.

During his previous visit of Akazawa on August 7, Lutnick and Bessent promised that Trump would give another presidential order to reduce the tariffs on Japanese cars to 27.5%, but when he did not specify.

(Reporting by Kantaro Komiya; Editing by Sonali Paul)