President Trump participates in a bilateral meeting with Japan's PM Sanae Takaichi — 3/19/2026

Summary

• President Trump frames the military action in Iran as a necessary "excursion" that is "substantially ahead of schedule," having demolished Iran's navy, air force, and leadership.
• He claims the economic impact (on oil, markets) has been less severe than he initially feared, noting the Dow had recently hit 50,000 and the S&P 500 hit 7,000.
• Trump asserts that major defense contractors (Raytheon, Lockheed Martin) are building new factories at an unprecedented pace after he forbade them from spending on stock buybacks (citing one instance of $51B).
• He criticizes Federal Reserve Chairman Jerome Powell as "stubborn," "incompetent," and suffering from "Trump derangement syndrome," arguing rates should be lowered immediately. He also alleges criminality in a massively over-budget Fed building renovation project.
• Trump emphasizes that the U.S. defends the Strait of Hormuz for allies like Japan and Europe (who get over 90% and "a lot" of their oil through it, respectively), while the U.S. itself uses it for less than 1% of its oil.
• He states that missile and drone launches from Iran are down over 90%, and the U.S. strategy is to destroy Iran's defense industrial base to prevent future rebuilding.
• Prime Minister Takaichi highlights collaboration with the U.S. on "economic security," specifically naming energy and rare earth minerals as key areas.
• She states Japan is "consistently open to dialogue with China" and hopes for a U.S.-China relationship conducive to regional security and global supply chains.
• Trump mentions Alaska as a geographically advantageous source of energy (oil/gas) for Japan and that trade, especially energy, will be a primary discussion topic.