US and Japan unveil $36bn of oil, gas and critical minerals projects in challenge to China
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The US and Japan have unveiled $36 billion in joint oil, gas, and critical mineral projects, the first phase of a larger $550 billion trade deal. Announced by former President Trump and Japanese Prime Minister Takaichi, the investments aim to strengthen ties and enhance economic security amid ongoing tensions between Japan and China. Key projects include a natural gas-fired power plant in Ohio, a deepwater crude oil export facility in Texas, and a synthetic industrial diamond manufacturing site in Georgia. The diamond facility seeks to reduce US reliance on foreign sources, particularly China, which dominates the critical minerals market. The deal follows a previous agreement where Trump reduced tariffs on Japanese exports in exchange for Japan's investment commitment.
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