President Donald Trump's administration has published the terms of the trade deal with the European Union, but some of the promises Trump claimed were coming didn't materialize after all, according to one economics expert.
University of Michigan economics and public policy professor Justin Wolfers wrote on X that after perusing the deal, he discovered Trump's promise of $600 billion being sent to the U.S. from the E.U. isn't on the list.
"The most important thing is what's not there. Trump had boasted, 'They gave me $600 billion, and that’s a gift.' But guess what? They didn't. He didn't get a penny," wrote Wolfers. "Bottom line: The final text of the EU-US trade deal delivers $5,000 less to the average American household than the handshake agreement Trump boasted of on August 5."
"I expect there will be soul-searching, an investigation, and recriminations, as the White House explores how its negotiators fell $600 billion short of the deal the president thought he had struck. Resignations seem likely, and a re-think of the entire deal-making apparatus," Wolfers added.
The deal mapped out on July 28 promised, "The EU will purchase $750 billion in U.S. energy and make new investments of $600 billion in the United States, all by 2028."
It explained, "The EU will invest $600 billion in the United States over the course of President Trump’s term. This new investment is in addition to the over $100 billion EU companies already invest in the United States every year."
It appeared again toward the end of the July 28 plan: "The deal bolsters America’s economy and manufacturing capabilities. The EU will purchase $750 billion in U.S. energy and make new investments of $600 billion in the United States, all by 2028."
The Aug. 21 deal changes the language significantly, shifting from a commitment to phrases like "make new investments" and "invest," and now saying things like they're "expected to invest."
"In this context, European companies are expected to invest an additional $600 billion across strategic sectors in the United States through 2028," the document says, removing the firm commitment. "This investment reflects the European Union’s strong commitment to the transatlantic partnership and its recognition of the United States as the most secure and innovative destination for foreign investment," the new deal says.