President Trump and FCC Chairman Ajit Pai on Friday announced the administration’s initiative to deploy a 5G network across the country.

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“The race to 5G is on and America must win,” Trump said from the Roosevelt Room of the White House. “It’s a race our great companies are now involved in.”

Trump said a secure 5G network will transform how everyone communicates and create astonishing new opportunities in America.

“It will make American farms more productive, American manufacturing more competitive and American health care better and more accessible,” he said.

5G is the fifth generation of cellular mobile broadband that will ultimately replace 4G LTE to provide faster and more reliable service with lower latency.

"5G will be as mujch as 100 times faster than the current 4G cellular networks,” Trump said.

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The president is encouraging U.S. companies to lead the world in 5G innovations and provide high-speed internet access to rural areas that lack broadband connection.

Ticker Security Last Change Change % T AT&T INC. 27.87 -0.64 -2.24% VZ VERIZON COMMUNICATIONS INC. 58.91 -0.91 -1.52% TMUS T-MOBILE US 109.00 -3.39 -3.02% S SPRINT CORP. 8.62 +0.18 +2.13%

Verizon and AT&T are both touting 5G developments, while T-Mobile and Sprint executives are telling U.S. regulators that their $26 billion merger should be approved, in part, due to their united push to dominate 5G as a combined company, as reported by FOX Business.

“We cannot allowed any other country to out compete the United States in this power industry of the future,” Trump said.

China and the U.S. are tough competitiors in the 5G adding to the tensions among the two global economies.