WASHINGTON – President-elect Donald Trump and Masayoshi Son, the head of Japanese tech conglomerate SoftBank, announced on Monday that the firm is set to invest $100 billion in U.S. initiatives over the next four years.

Trump stated that this investment “will help ensure that artificial intelligence, emerging technologies, and other vital industries of the future are developed and nurtured right here in the U.S.” during a Monday press conference at his resort in Palm Beach, Florida.

This announcement aligns with Trump’s commitments made during the 2024 presidential campaign to enhance the U.S. economy with a focus on manufacturing and reducing consumer prices. He pledged to impose tariffs on items made abroad, including those from key trading partners like Mexico, Canada, and China.

Although Trump asserts that these tariffs could promote American-made goods, critics warn they could lead to increased prices that have already burdened consumers in recent years.

Earlier this month, Trump suggested on social media that any company investing $1 billion or more in the U.S. would receive expedited approvals and permits, including environmental reviews.

It remains uncertain if Trump’s proposal to reform longstanding permitting processes at federal agencies is practical and when it might be realized. Should it come to fruition, SoftBank’s planned $100 billion investment could qualify for this fast-tracked permitting process.

SoftBank is a multinational corporation involved in various sectors, including internet services, telecommunications, e-commerce, finance, and broadband.

Son made a similar announcement back in December 2016, following a meeting with Trump just before he took office. At that time, Son stated that SoftBank intended to invest $50 billion in new U.S. startups and create 50,000 jobs.

While that investment was eventually realized, it’s unclear if the promised jobs came to fruition. SoftBank has been restructuring its finances after the underperformance of the coworking startup WeWork and declines in some tech companies associated with its Vision Fund.

“This investment is double the last one because I say, ‘President Trump is a double down president’,” Son remarked. “This reflects the level of my confidence, which has increased.”

During the press conference, Trump asked Son to double SoftBank’s commitment to $200 billion. Son chuckled and responded that he would “do my best to make it happen.”

SoftBank has not provided further details regarding its investment plans, including the specific sectors it intends to target during Trump’s second term.