U.S. President Donald Trump and Japanese Prime Minister Sanae Takaichi attend a bilateral meeting at Akasaka Palace in Tokyo, Japan, October 28, 2025. REUTERS/Evelyn Hockstein

(Reuters) -The U.S. and Japan revealed some 20 companies interested in projects relating to key areas like critical minerals and AI during talks between President Donald Trump and Prime Minister Sanae Takaichi. Some projects may fall under Tokyo's $550 billion investment in the U.S., agreed as part of a tariff deal.

These issues are on the agenda:

RARE EARTHS

Trump and Takaichi signed a framework for securing the supply of rare earths and critical minerals.

The deal follows China's tightening of export controls on rare earths in October, which prompted Washington to threaten a 100% tariffs on Chinese goods in response. Rare earths are used in products ranging from smartphones to fighter jets.

Five companies, including Falcon Copper and Carbon Holdings, are interested in building facilities related to copper smelting and refining, ammonia and urea fertilizer and lithium-iron-phosphate production worth $6.45 billion, according to a fact sheet issued by U.S. and Japan.

SHIPBUILDING

Japan and the U.S. agreed that Tokyo would help expand U.S. shipbuilding capacity as part of the $550 billion investment deal. A joint working group will work on the details, including collaboration between companies from both sides to boost competitiveness and standardise ship design and components.

POWER INFRASTRUCTURE AND ENERGY

Nuclear equipment supplier Westinghouse was looking at building nuclear reactors and smaller modular reactors worth up to $100 billion, and considering involvement from Japanese suppliers including Mitsubishi Heavy Industries, Toshiba and IHI.

Japan's Mitsubishi Electric was keen to participate in equipment and power generation for data centres worth up to $30 billion.

SoftBank Group was interested in large-scale power infrastructure worth $25 billion, while Panasonic had its eye on strengthening energy storage systems and electronic component supply chains in the U.S. worth up to $15 billion.

PICKUP TRUCKS

Japan plans to purchase more Ford F-150 pickup trucks, sources with knowledge of the matter told Reuters.

Trump said in August that Japan was ready to purchase "the very beautiful Ford 150." One such truck was parked outside the Akasaka Palace on Tuesday as he met Takaichi.

Too wide and fuel-hungry for most Japanese drivers, the F-150s could be used as snow plows, the sources said.

SOYBEANS

Tokyo was preparing to boost imports of U.S. soybeans, which would help offset losses suffered by American farmers after China slashed purchases.

Japan already buys about 70% of its soybeans from the U.S. and may have to cut Brazilian imports to make room for more U.S. supplies.

U.S. soybean exports to China fell to zero last month for the first time in nearly seven years.

TOYOTA CARS

Trump said Toyota Motor would be putting auto plants "all over" the U.S. to the tune of over $10 billion.

Toyota may announce plans to import U.S.-made vehicles into Japan during Trump's visit, public broadcaster NHK reported.

NATURAL GAS

Japan will offer to expand U.S. liquefied natural gas imports, though not - for now - from a proposed $44 billion Alaska LNG pipeline championed by Trump, sources have said.

U.S. Treasury Secretary Scott Bessent, travelling with Trump, has urged Tokyo to phase out purchases of Russian LNG, which still make up about 9% of Japan's fuel imports, mostly from the Sakhalin-2 oil and gas project.

DEFENCE SPENDING

Takaichi said Japan was committed to reinforcing its defence capabilities, after last week pledging to accelerate the country's biggest defence buildup since World War Two.

Japan already hosts the largest concentration of U.S. forces overseas, including an aircraft carrier, a Marine expeditionary unit and dozens of fighter jets.

(Reporting by Tim Kelly, John Geddie and Anton Bridge; Editing by Lincoln Feast and Bernadette Baum)