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Trade deals? Not so much.
Justin Wolfers
Econ professor at Michigan. Senior fellow, Brookings and PIIE
The British trade deal wasn't what they said it was, the Vietnamese are still yet to confirm Trump's announcement, and the Japanese say they're not signing a binding agreement. The White House has released the text of ZERO (0) deals, and maybe it's all just social media posts all the way down.
— Justin Wolfers (@justinwolfers.bsky.social) 2025-07-25T19:41:02.265Z
The FT article pictured is paywalled (sorry) but here are a few excerpts:
Japanese officials said there was no written agreement with Washington — and no legally binding one would be drawn up — after Trump administration officials claimed Tokyo would back investments in the US from which American taxpayers would reap nine-tenths of the profits.
………..
But a slideshow issued by Japan’s Cabinet Office on Friday appeared to contradict Lutnick by saying the ratio of profit distribution would be “based on the degree of contribution and risk taken by each party”. Officials familiar with the US-Japan talks said the deal was pulled together in a slapdash manner during a 70-minute meeting between Japan’s chief negotiator Ryosei Akazawa and Trump on Tuesday.
………
“There is nothing inspiring about the deal,” said Mireya Solís, senior fellow at Brookings Institution. “Both sides made promises that we can’t be sure will be kept . . . there are no guarantees on what the actual level of investments from Japan will be.”
…………
One US official said details of the scheme were still being worked out.
………….
Political analysts said that on balance Japan appeared to have walked away with a good deal at little cost, setting an example that could become a model for other large exporters such as Germany and South Korea.
………..
But a slideshow issued by Japan’s Cabinet Office on Friday appeared to contradict Lutnick by saying the ratio of profit distribution would be “based on the degree of contribution and risk taken by each party”. Officials familiar with the US-Japan talks said the deal was pulled together in a slapdash manner during a 70-minute meeting between Japan’s chief negotiator Ryosei Akazawa and Trump on Tuesday.
………
“There is nothing inspiring about the deal,” said Mireya Solís, senior fellow at Brookings Institution. “Both sides made promises that we can’t be sure will be kept . . . there are no guarantees on what the actual level of investments from Japan will be.”
…………
One US official said details of the scheme were still being worked out.
………….
Political analysts said that on balance Japan appeared to have walked away with a good deal at little cost, setting an example that could become a model for other large exporters such as Germany and South Korea.