President Donald Trump is bragging that Japan has given him, as part of a new trade framework, $550 billion to invest in the United States

The Japanese government, not companies, is poised to back U.S. infrastructure projects of the president’s choosing.

Japan expects only 1% to 2% of the $550 billion U.S. fund established under the new trade agreement will be in the form of actual investment, with the vast majority structured as loans and loan guarantees provided by Japanese government-backed financial institutions.