Lutnick says update coming this week on Japan's $550B US investment

The United States will make an announcement this week on Japan's $550 billion investment in the US, Commerce Secretary Howard Lutnick said, as a top Japanese trade envoy was reportedly planning to visit Washington to formalise the package, Report informs via Reuters.

"The Japanese agreement, which we're going to announce later this week, that's $550 billion at the hand of Donald Trump," Lutnick told the Ingraham Angle show on Fox News on Monday night.

The Japanese funds could be used for the manufacturing of products such as semiconductors, antibiotics or rare earths in the US, Lutnick added.

Washington and Tokyo agreed in July to set a reduced 15% tariff on Japanese imports in exchange for a $550 billion package of US-bound investment through government-backed loans and guarantees, but details of its contents remain obscure.

Trump has touted the package as "our money to invest, as we like", while Japanese officials have stressed the investments will be determined by whether they will also benefit Japan.

SoftBank Group's $2 billion investment in Intel announced last week was not part of the package at the moment, a Japanese government source has told Reuters.