“I just signed the largest trade deal in history, I think maybe the largest deal in history, with Japan,” Trump boasted Tuesday. But a new report from The Financial Times demonstrates that U.S. and Japanese officials don’t see eye-to-eye on what exactly the countries agreed upon.
According to Trump and his administration, in return for a reduction in tariffs, Japan would invest $550 billion into certain U.S. sectors and give the United States 90 percent of the profits.
But Japanese officials say profit-sharing under the agreement isn’t so set-in-stone: A Friday slideshow presentation in Japan’s Cabinet Office, contra the White House, said profit distribution would be “based on the degree of contribution and risk taken by each party,” per The Financial Times.
FT also reports conflicting messages among Washington and Tokyo as to whether that $550 billion commitment is, as team Trump sees it, a guarantee, or, as Japan’s negotiator Ryosei Akazawa sees it, an upper limit and not “a target or commitment.”
Mireya Solís, a senior fellow at The Brookings Institution, told The Financial Times that the deal contains “nothing inspiring,” as “both sides made promises that we can’t be sure will be kept,” and “there are no guarantees on what the actual level of investments from Japan will be.”
The inconsistent interpretations of the deal could possibly owe to the fact that it was hastily pulled together over the course of an hour and ten minutes between Trump and Akazawa on Tuesday, according to the FT, citing “officials familiar with the U.S.-Japan talks.” And, moreover, “Japanese officials said there was no written agreement with Washington—and no legally binding one would be drawn up.”
Some are thus beginning to wonder whether Trump’s avowed “largest deal in history” even technically counts as a deal at all. Brad Setser, senior fellow at the Council on Foreign Relations, wrote on X: “If something like this is not ‘papered’ it isn’t really a deal.”
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