【日本は関税15％を“購入した”】ラトニック商務長官が明かす日米合意の“実態”／日本の80兆円、投資益の9割はアメリカに／日本は「銀行」で「運営」はしない／日米合意はEU交渉のモデルになりうる
[Music] another negotiator that was at that table with the president last night, commerce secretary Howard Lutnik. I want to pick up on this idea and good morning. Thanks for joining us. I want to pick up this idea of innovative financing mechanisms and this $550 billion fund the Japanese are going to be investing into. What exactly is that fund going to look like? So the Japanese are going to give America the ability to choose the projects, decide the projects and execute the projects. So let’s say we want to build um generic pharmaceuticals, right? We don’t make antibiotics in America. So the president says let’s go make antibiotics in America. The Japanese will finance the project. They will finance the project and then will give it to an operator who’ll run it and the profits will be split 90% to the taxpayers of the United States of America and 10% to the Japanese. So they basically bought down their tariff rate by this commitment of we will back what you the president want and you America want to build in America that are key to national security concerns. We’ll back that and therefore we’ll be on your side. The prime minister Oshiba says these are loan guarantees. Is it more than that? Of course, it’s more than that. It’s it’s equity loans and loan guarantees. They have to deliver the project. So, we say let’s build semiconductors. We want to build a hundred billion dollar worth of semiconductor fabs is what you call them because we want to make those chips in America. The Japanese will finance that whole project. They’ve got to put down equity, loans, loan, whatever they want to do. They have to deliver the hundred billion or Japanese companies. J oh no no anybody does it. It’s the Japanese are the financer. They’re the banker. They’re not the operator. It’s not Japanese company. So what people get confused this isn’t like uh a Japanese company like like H, you know, like uh Toyota coming in and building a factory. No, that’s Toyota. This is literally America saying we want to build uh generic pharmaceuticals, semiconductors, critical minerals here. Why would this exist now? Like what could we think of and model after that? That’s why you have someone like me who joins the government. I mean this was my idea in January. So I started because the Japanese are never going to really open their market the way Donald Trump wants them to open it. I mean open it, open it, you know. So what’s happens is they had to come up with another way to really make it work and the tariff model work. So I suggested to them a $400 billion fund where they would give to the president and they would give to America the financing to go build out your whatever you think for national security. Go build it. We’ll back you and that’s the model. The reports the prime minister though may be resigning. Could this deal transcend domestic politics in Japan? Of course. I mean, it’s vital. You saw what happened to their car companies. They were all up more than 10% today. So, a 25% tariff delivers what Donald Trump said. Build it in America. A 15% is right on the edge. It’s right on the edge. So, the Japanese car manufacturers can still produce in Japan. And that’s what the Japanese wanted to buy. They wanted to buy that line where they could stay in Japan for some cars, build of course huge amounts here, but also what they did is they’ll invest and give Donald Trump the tools to invest in America. That 15% tariff on autos is huge for Japan. Do you see the entire auto tariff, that sectoral tariff coming down from 25% to 15%. Because for some inputs, this would mean Toyota has a 15% rate, but GM still has a 25% rate. Well, GM doesn’t have a 25% rate unless they build some import from South Korea or a problem. Okay. If you build If you build in South Korea, that’s a you have a South Korea thing. And if you’re importing from South Korea, that’s a South Korea thing. So Europe is now paying 25%. South Korea is paying 25%. The Japanese have bought, if you will, and by giving a huge investment to Donald Trump in America, they’ve bought the ability to be down to 15% and Donald Trump can then really invest in America on the projects that he thinks are the most important for America. And we’ll see what happens with Europe. We’ll see what happens with South Korea. But right now, Donald Trump has put the pressure on them. Let’s be clear. Put the pressure on them. Is this a model for Brussels? It could be. I mean, that’s up to them to negotiate, right? Are they willing to open their market? I I don’t think I don’t think anybody uh Europe’s not going to go and give us a trillion dollars to Well, can they get below 15% or is 15% now the floor? I fors I I would I would No. For a reciprocal tariff for the European Union, I don’t think at one point they’re willing to accept I don’t think big countries can get low like that. I think I think small countries have a possibility of being low and that’s up to the president to decide, but larger countries will have a hard time with that. They will have a hard time. So to be clear with the European Union right now and the trade negotiators are in Washington. I know you’re talking to them every single day. The rate the floor that they would have to accept is 15% what Japan accepted. I think what everybody in the world has seen is Donald Trump. So I’m the table setter if you will, right? I set the table, right? I organize things. I structure things. Uh, you know, there was a picture uh that the president posted over his shoulder with the big board that of course I created the big board and put it there. But the answer is the negotiator chief of the United States of America is sitting behind the desk. You know, Donald Trump is sitting there negotiating the deal. You also created the board on liberation day and we saw the skyhigh tariffs. You created last night’s board. I’m trying to understand from you what the European board is going to look like. So if say say it’s a 15% across the board rate, what could the Europeans be buying that can assuage the concerns of the president? Are you talking about LG purchases? Is there agricultural purchases? The Europeans have a 20 trillion economy, right? We have just under 30 trillion and the Chinese and the Europeans are similar in size at about 20 trillion dollars. So if they say to the president, we will open our market to you like and I mean really open it meaning we will take US cars like think of what the Japanese did. They said we will take US cars based on US standards. So you don’t have to make a different car. You can take the car you make in Detroit, put it on a boat and send it if the Europeans will accept that. And they will accept really really accepting US products in Europe. That’s a giant. That’s hundreds of billions of dollars of export opportunity for Americans. That’s going to move the president because he’s going to say that opportunity for Americans is so great there next week. Well, we’ve been we’ve been talking about it for months. I mean, holy moly. I can’t I can’t count. They’re they’re they’re saying they’re going to retaliate if they don’t get a deal by all this. I understand. And the president wrote them a letter saying, “If you don’t get a deal done, we’re charging you 30%.” Negotiating tactics out in public. Well, of course it is. I mean, Donald Trump writes a letter and says, “If you don’t make a deal, it’s 30%.” And the thing about Donald Trump is he’s dead serious. If you don’t make a deal, it’s 30%. Now, that puts the pressure on them, right, to say, “Okay, that’s my alternative.” They want to get a deal done. For sure, they want to get a deal done. But does Donald Trump want to get a deal done? How much does he value the fact that they open their market? Do they completely open their market? Because that’s what he’s looking for. I think they will. I think they will really, really open their market, and I mean open it, which is something the United States of America has never had. The idea that Donald Trump is opening the world’s markets for Americans, the ranchers, the fishermen, right? Our our our farmers. I mean these are amazing opportunities that no one in the world has ever seen. We have Stockholm syndrome, right? The world has so held us off for so long. We we can’t even imagine a world where we can export freely the way everybody else exports to us. And that world is coming. That’s what Donald Trump calls the golden age. That’s what he calls our ability to export to the world the way they treat us. We can now finally treat them. You’re going to have to step away from the Europeans though potentially for a moment next week because I believe you’re going to be headed to the Stockholm talks with China. Yes. So what we saw with China and this administration, Jensen Wang had a conversation with the president. I imagine you were there when it comes to Nvidia H20 chips. What did Jensen Wang say to you and the president that gave him the green light to start selling those H20s back into China? Well, the H20s were open during Biden. So Biden set really well they were developed during Biden because but they were sold to China. They were actually sold to China and then we came in and we said whoa whoa whoa that’s a pretty powerful chip in April and we held that back and that was then held back and now we had the whole magnet thing which is very exciting. We’re trying to uh make sure that magnets are being delivered to our producers, which was the deal. And these have export controls on them, and they’ll come off as the Chinese deliver their magnets, then the H20s will come off. But it is logical since they were free to sell last time. It seems reasonable that we’ll get to that. But you said they were a powerful chip. Are you concerned about national security issues when it comes to allowing the Chinese now to get their hands on the H20? Well, the H20 was the third best chip in the world and now it’s the fourth best, right? Because the Blackwell is the best. There’s an H200 and H100. So, an H20 is the fourth best chip. And I think the president has decided that if things are going well with China that they can buy them. So, I think that decision’s been made. We are putting on the licensing mechanism and uh we are getting that going. But the president has decided that the Chinese can buy them. But that’s in a balanced way with the Chinese delivering on the deal that we made with them and they’re delivering rare earths to American manufacturers. So when you sit across from your Chinese counterparts next week, what do you plan to discuss with them? Is loosening export controls, more ex more export controls on the table. I think what we talk about is there’s a line right below the line we are giant economies. We should trade with each other, right? They want to buy our produce. They want to buy our vegetables, right? They need they don’t grow everything. They don’t have the bread basket of America that we have. So they want to buy those products. And you know what? There’s lots of things that they make that we want to buy that we want inexpensive things on our shelves. So let’s talk below the line. Let’s open the market better in China and let us sell more things in China. And then at the line where we’re competitive, you know, where is that line where above that line we’re not they’re not going to sell us their hypersonic missiles and we’re not selling them our best chips. Those two things are not happening because they’re a competitor. They are a competitor. And what we’re really going to discuss is where’s that line? Are the H20s above the line or below the line? That’s really nuance and that’s discussion. But of course, would we like to buy baby clothes that are inexpensive? Of course we would. That makes perfect sense. So, let’s open the market down here, right? We’re never opening the market up here. And what did we discuss? We discussed that line of what’s over it and what’s under it. But do we want more of this? Them selling it to us and us selling it to them. The president and President Xi from China agreed that they would like to do more business there. So, we’re going to talk about opening their market more for things that make sense to open it and we’re really going to discuss the areas that maybe we should really be addressing. Is that yes or is that no? One area I just want to finish on this. I’m curious if you’re going to address directly because it’s the commerce department. An employee of yours is facing an exit ban right now from China. Do you have any update on this? It’s it’s unbelievable. Right. So, he has um there was an employee of ours. He’s a a Chinese national who was working in the patent office and he went home and he was arrested and they’re holding his passport. I mean, it’s so I give that to the State Department and the State Department deals with that. But it is uh it is outrageous behavior. It’s just outrageous behavior. Secretary Lutnik, thank you so much for your time this
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トランプ関税をめぐる日米交渉は、相互関税と自動車関税、いずれも15％とすることで電撃合意しました。また、日本側がトランプ大統領の“指示”で、5500億ドル（日本円にして約80兆円）を投資することになっています。日米交渉の当事者でもあるアメリカのラトニック商務長官が、その内幕をBloombergの独占インタビューで激白しました。（ブルームバーグ 2025年7月23日配信）
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