US-Japan trade deal gives Trump control over $550 billion in investments. It could be ‘vapor ware’ — and a model for other countries

• One of the provisions of the trade deal that set a 15% tariff on Japan is a pledge from Tokyo to invest $550 billion in key American sectors. The White House said the money will be deployed “at President Trump’s direction,” potentially giving him a bigger say in U.S. industrial policy. But details remain thin, and analysts are skeptical.

The pledge from Japan to invest $550 billion in key U.S. industries could show other countries how to clinch a trade deal with the U.S....