President Donald Trump’s trade deals are finally here. Japan, the European Union, the United Kingdom, and others seem ready to sign. At this point, it’s hard to tell if trade will be expanded or reduced overall. The United States is raising tariffs while other countries are reducing them, and the details are still lacking.

But we can be certain of one thing about the pay-to-play spin on capitalism: It will determine who, what, when, and how much capital is invested by major U.S. trading partners.

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