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The Guardian - AU

Business

Callum Jones

US and Japan unveil $36bn of oil, gas and critical minerals projects in challenge to China

Donald Trump Japan United States China Sanae Takaichi Oil Howard Lutnick

Japan's prime minister, Sanae Takaichi, walks with Donald Trump in Tokyo in October 2025. — Japan's prime minister, Sanae Takaichi, walks with Donald Trump in Tokyo in October 2025. The leaders have unveiled energy and critical minerals deals worth billions. Photograph: Andrew Caballero-Reynolds/AFP/Getty Images

Japan has drawn up plans for investments in US oil, gas and critical mineral projects worth about $36bn under the first wave of a deal with Donald Trump.

The US president and Sanae Takaichi, Japan’s prime minister, announced a trio of projects including a power plant in Portsmouth, Ohio, billed by the Trump administration as the largest natural gas-fired generating facility in US history.

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