The US and Japan will discuss negotiating with like-minded partners.
The governments of the US and Japan have agreed to jointly formulate rules for strategic materials such as semiconductors, batteries, and permanent magnets. The two nations will also jointly promote offshore wind power.
Nikkei reported that several countries will subsidize industries related to semiconductors, and net-zero carbon emissions to prevent overreliance on certain nations. The conditions for these subsidies will be jointly established by the United States and Japan.
These matters will be included in a joint statement issued after the US-Japan summit meeting. The summit will be held on April 10, 2024.
The statement refrained from mentioning specific countries. However, reports indicate that the rules have been made to avoid risks associated with China.
The US and Japan will discuss negotiating with like-minded partners such as Europe. The two countries hope to strengthen economic security, including supply chains for strategic materials.
The US and Japan have implemented incentive measures for industries such as semiconductors. They aim to establish supply chains independent of China and promote net-zero carbon emissions.
Voices in the US, Japan, and Europe cautioning against overreliance on China in renewable energy and energy efficiency are becoming more vociferous. There has been a growing wariness of Chinese products such as solar panels as they have dominated the market.
The US and Japan did not establish the rules to cut China out of their respective markets. A secondary and slightly counter-intuitive goal is to put checks and balances in place against the possibility of Japan, the US, and Europe engaging in excessive trade protectionism against China under the guise of risk mitigation.
In terms of industrial technology, the joint statement between the United States and Japan will express a will to strengthen cooperation in space development. The two nations will also jointly promote offshore wind power.
Notable attendees at the summit will include US President Biden and Japanese Prime Minister Fumio Kishida, US Secretary of Commerce Gina Raimondo, and Japanese Minister of Economy, Trade and Industry Kenji Saito.
