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In Tuesday’s address to U.S. troops in Japan, President Donald Trump expressed gratitude for Japan’s substantial investments in the United States and announced a significant development in the automotive industry.
Trump, during his speech, shared that Toyota Motors Corp (NYSE:TM) is planning to establish auto plants across the U.S. with an investment exceeding $10 billion.
“So go out and buy a Toyota,” Trump said while addressing U.S. troops aboard the USS George Washington, stationed in Japan.
He also mentioned the U.S.’s reinvigorated shipbuilding industry, stating that the country would soon be working with Japan on ship production.
Currently on a three-country tour of Asia, Trump thanked Japan for its significant investments in the U.S. during a meeting with Japan’s newly elected Prime Minister Sanae Takaichi.
The president said Japan had committed to investing $550 billion in the U.S. as part of a trade deal announced in July. Although the specifics of the deal are still being ironed out, Trump praised Japan for its substantial investment in the U.S.
Following their bilateral meeting, Trump and Takaichi also signed an agreement to secure the supply of critical minerals and rare earths. The deal aims to support the supply of these resources, which are essential for both U.S. and Japanese industries, and to counter China’s dominance.
After visiting Japan, Trump will travel to South Korea for a meeting with Chinese President Xi Jinping.
The investment pledge and the agreement on critical minerals come amid Japan’s newly elected Prime Minister Takaichi’s proposal to purchase a fleet of Ford Motor (NYSE:F) F-150 trucks is part of this effort.
Meanwhile, Toyota has been experiencing growth in its production for the fourth consecutive month, largely due to strong U.S. demand. The company’s plans to establish auto plants across the U.S. align with this trend.
Price Action: On a year-to-date basis, shares of Toyota and Ford jump 8.34% and 37.41%, respectively, as per data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
