Japan’s trade minister said the $55 billion investment initiative that was shaped within the framework of last year’s trade agreement with the United States is underway.

Reiusa Akazawa said this on Friday in Washington, after meeting with Howard Lutnick, the U.S. Secretary of Commerce, speaking to reporters. He added: “We will continue to work closely with the United States.”

Akazawa said talks on artificial intelligence and semiconductors will have a “very significant” weight.

Accordingly, the two sides confirmed that no additional tariffs beyond the last year’s agreement will be applied to Japan.

The above-mentioned agreement set a 15% tariff on Japanese goods and reduced car duties.