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   $1.5 trillion in limbo
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   Much-touted investment funds are in trade war purgatory
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               Thursday, December 18, 2025
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               Quartz Washington will take a Christmas Day break next week. We’ll be back in your inbox on New Year’s Day.
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              President Donald Trump has reached 
preliminary trade deals this year that also set up government-backed investment funds from the European Union, Japan, and South Korea.
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              <br/>
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              All of those funds are in a state of limbo.
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              The Trump administration has touted these investment funds as a critical piece of its plan to revive American manufacturing. Japan has pledged
              <a data-linktext="a $550 billion fund" data-linktype="Normal" style="color:#4C84AA;" target="_blank">
               a $550 billion fund
              </a>
              for new investments in the U.S. stretching into shipbuilding, artificial intelligence, semiconductors, and more. The European Union
              <a data-linktext="made a similar promise" data-linktype="Normal" style="color:#4C84AA;" target="_blank">
               made a similar promise
              </a>
              for its companies to invest at least $600 billion through 2029. The South Korean government likewise committed to a $350 billion investment 
fund.
             </div>
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              Yet several months after their announcement in precursor agreements, details are scarce and questions abound about the investments, which are supposed to total $1.5 trillion. It’s still unclear if the investment funds will actually materialize in the titanic sums described.
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              “Most of the trade community is sort of waiting to see some actual projects that are announced before concluding that there's anything to these commitments,” said Tim Meyer, an international business law and trade 
professor at Duke University. “We don't really have any information on any detailed mechanics of how they're going to work, what the investments are, and so forth.”
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              The White House does have one enforcement mechanism at its disposal. “We expect trade partners to abide by the commitments they voluntarily agreed to, and the President reserves the right to adjust tariffs if any party reneges,” a White House official told Quartz.
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              The fogginess around the future of the investment funds extends even to senior Republican senators in Congress. “I think people are trying to be able to figure out how they're going to actually operate, what that would look like. So we just don't have enough information about it,” Oklahoma Sen. James Lankford told Quartz Washington. “I don't think everything's been
inked fully on it.”
             </div>
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              <br/>
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              “I just haven't heard anything, whether it's working or whether they're getting it or not,” said South Dakota Sen. Mike Rounds, a member of the Senate’s banking panel. “I haven't had any feedback.”
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              Meyer, though, drew a parallel to a past Chinese pledge to step up U.S. soybean purchases in Trump’s first term as part of its “Phase One” trade agreement at the time. Those purchases never fully reached the specified targets. Current Chinese orders for American soybeans
              <a data-linktext="are also well below" data-linktype="Normal" style="color:#4C84AA;" target="_blank">
               are also well below
              </a>
              the commitments laid out in the interim, one-year agreement struck
              <a data-linktext="in late October." data-linktype="Normal" style="color:#4C84AA;" target="_blank">
               in late October.
              </a>
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              <span style="color:#9B9B9B;font-size:16px">
               Alex Wong/Getty Images
               <span class="ql-cursor">
                
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            <td class="td100" colspan="6" style="width:100%;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
             <h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;color:#000;">
              <span style="font-size:20px;font-family:Arial;color:#000000">
               A sovereign wealth fund
              </span>
             </h2>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Over the summer, Treasury Secretary Scott Bessent 
presented the funds as a step toward establishing a U.S. sovereign wealth fund, a state-controlled investment vehicle common
              </span>
              <a data-linktext="in the Middle East" data-linktype="Normal" style="color:#4C84AA;font-size:16px;" target="_blank">
               in the Middle East
              </a>
              <span style="font-size: 16px">
               and certain European countries such as Norway.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               “We have these agreements in place where the 
Japanese, the Koreans, and to some extent the Europeans will invest in companies and industries that we direct them largely at the President's discretion,” Bessent
              </span>
              <a data-linktext="said in a Fox Business interview" data-linktype="Normal" style="color:#4C84AA;font-size:16px;" target="_blank">
               said in a Fox Business interview
              </a>
              <span style="font-size: 16px">
               in August.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               He added: “Other countries, in essence, 
are providing us with a sovereign wealth fund.”
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Trump pursued an investment fund when
              </span>
              <a data-linktext="he signed an executive order" data-linktype="Normal" style="color:#4C84AA;font-size:16px;" target="_blank">
               he signed an executive order
              </a>
              <span style="font-size: 16px">
               to set up a U.S. version shortly after taking office. In the E.U.’s 
case, the president was adamant in stating he’d oversee the selection process for which firms get the money.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               “The details are $600 billion to invest in anything I want. Anything,” Trump
              </span>
              <a data-linktext="said in early August" data-linktype="Normal" style="color:#4C84AA;font-size:16px;" target="_blank">
               said in early August
              </a>
              <span style="font-size: 16px">
               about the E.U.’s fund.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               European leaders in Brussels quickly downplayed the significance of their pledged spending spree. Instead, E.U. officials
              </span>
              <a data-linktext="said the funds" data-linktype="Normal" style="color:#4C84AA;font-size:16px;" target="_blank">
               said the funds
              </a>
              <span style="font-size: 16px">
               would come from private firms 
that they didn’t control nor could otherwise enforce. The money would be channeled towards “strategic sectors,”
              </span>
              <a data-linktext="per an E.U. communique" data-linktype="Normal" style="color:#4C84AA;font-size:16px;" target="_blank">
               per an E.U. communique
              </a>
              <span style="font-size: 16px">
               .
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               For South Korea, one
hangup has been the fund’s structure.
              </span>
              <a data-linktext="Seoul is pushing" data-linktype="Normal" style="color:#4C84AA;font-size:16px;" target="_blank">
               Seoul is pushing
              </a>
              <span style="font-size: 16px">
               to meet its commitment by issuing loan guarantees rather than direct capital, since it can’t match Japan’s economic might.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               The two sides still haven’t inked
a final deal. Still, a South Korean initiative branded as “Make American Shipbuilding Great Again” has led to some domestic breakthroughs. In August, South Korean shipbuilding company Hanwha Group
              </span>
              <a data-linktext="said it was spending" data-linktype="Normal" style="color:#4C84AA;font-size:16px;" target="_blank">
               said it was spending
              </a>
              <span style="font-size: 16px">
               $5 billion under the investment fund terms to build more docks and expand ship production at Hanwha Philly Shipyard. The company wants to ramp up shipbuilding capacity beyond one ship annually.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Meanwhile, the Japanese government is
              </span>
              <a data-linktext="still 
hammering" data-linktype="Normal" style="color:#4C84AA;font-size:16px;" target="_blank">
               still hammering
              </a>
              <span style="font-size: 16px">
               out a profit-sharing agreement with the U.S. that ensures its companies can benefit from the investment spending, at least at the outset.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Jessica Riedl, a budget expert at the Brookings Institution, noted that the Trump administration’s rhetoric around the success of its trade deals has been punctured by hyperbole. She said current administration claims of $18 trillion of total new investment from companies and foreign 
governments was almost two-thirds the size of annual U.S. economic output.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               “It's one thing for foreign governments and businesses to make offhand comments to the White House about investments in order to curry favor,” she said. “That's quite another thing for those investments to actually occur.”
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               —Joseph Zeballos-Roig
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <em style="font-size: 16px">
               Joseph Zeballos-Roig is 
Quartz’s Washington Correspondent. Email him at
               <a data-linktext="jzeballos-roig@qz.com" data-linktype="Normal" style="color:#4C84AA;" target="_blank">
                jzeballos-roig@qz.com
               </a>
               and follow him on X at
               <a data-linktext="@josephzeballos" data-linktype="Normal" style="color:#4C84AA;" target="_blank">
                @josephzeballos
               </a>
               .
              </em>
              <span style="font-size: 16px">
              </span>
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             <div>
              <br/>
             </div>
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              <strong style="font-size: 24px">
               Stat of the week
              </strong>
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              <strong style="font-size: 24px">
               23/5
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              <strong style="font-size: 24px">
               <span class="ql-cursor">
                
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             <div>
              Nasdaq wants round-the-clock trading, according to an SEC filing this week. The tech-heavy exchange is
              <a data-linktext="pushing to add" data-linktype="Normal" style="color:#4C84AA;" target="_blank">
               pushing to add
              </a>
              another trading session for U.S. stocks stretching from 9 P.M. to 4 A.M. ET with a one-hour break each workday. It would bring total trading on the index to 23 hours a day, five days a week.
             </div>
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18 hours ago - washington@e.qz.com
$1.5 trillion in limbo
Much-touted investment funds are in trade war purgatory View as a Web page Thursday, December 18,...
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