15 Percent and Certainty The U.S. trade agreement with Japan announced late yesterday was likely Prime Minister Shigeru Ishiba’s final act. Financial markets reacted positively since the deal at least brings certainty. The surprise concession to 15 percent tariffs now sets a baseline that may or may not inform any transatlantic agreement. The deal supposedly includes a commitment to $550 billion in Japanese investment in the U.S., the purchase of 100 Boeing airplanes, defense purchases and $8 billion in agricultural purchases. Japan will increase the U.S. share of the 770 KMT rice import quota. There are missing details and a lack of confirmation by Japan but Ishiba’s party lost in last Sunday’s election despite his pledge...