Economy, Trade and Industry Minister Ryosei Akazawa speaks during a news conference in Tokyo on Thursday. Japanese Economy, Trade and Industry Minister Ryosei Akazawa on Thursday praised the U.S. semiconductor plant project selected for the third round of Japanese funding in the United States under the two countries' tariff agreement. The project "holds great significance for Japan and the United States to work together to secure a competitive advantage in the age of artificial intelligence," Akazawa said during a news conference. In the agreement concluded last year, Japan pledged to provide the United States with $550 billion in investment and loans in exchange for U.S. tariff cuts for imports from the Asian country. Under the project, led by U.S. semiconductor contract manufacturer GlobalFoundries, two new plants are set to be built in the state of New York with funding of up to $21 billion.

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