President Donald Trump says he wants to slash the U.S. trade deficit with Japan. Trump made the comments as he welcomed Japanese Prime Minister Shigeru Ishiba to the White House on Friday for their first face-to-face meeting.

At a joint press conference, the U.S. president said Japanese steel company Nippon Steel is dropping its acquisition of U.S. Steel in favor of an investment.

U.S. President Donald Trump welcomed Japanese Prime Minister Shigeru Ishiba at the White House on Friday and said the two countries would work to cut Washington's trade deficit with Tokyo amid escalating trade tensions threatening to rupture the global economy.