Japan’s $550 billion capital commitment to the United States is stuck in committee as the two countries discuss the fine details of implementation and differences, possibly significant, stand in the way of the first deals reaching U.S. President Donald Trump’s desk for his consideration.

“Significant gaps remain,” trade minister Ryosei Akazawa said Thursday in Washington after speaking with U.S. Commerce Secretary Howard Lutnick for 85 minutes.

Akazawa reached a handshake agreement with Trump last July to get tariff rates lowered in exchange for Japan’s pledge to make $550 billion available to the United States to support key industries and technologies.

The current trip is Akazawa’s 11th to Washington since tariff negotiations started last April, and the first since last September, when he and Lutnick signed the memorandum of understanding that outlines the agreement. He has also met with Lutnick on multiple occasions separately in Tokyo and spoke with him by phone about the $550 billion pledge.

Since the memorandum of understanding was first signed, reports have repeatedly surfaced about possible deals, and expectations were particularly high in recent weeks that some sort of announcement is imminent.

“It’s a little surprising that they didn’t get it done this time, because that’s what everyone was expecting,” said William Chou, senior fellow and deputy director of Hudson Institute’s Japan Chair.

With parliament in session again from next Wednesday, there might not be enough time to hold the face-to-face negotiations needed to strike a deal before Prime Minister Sanae Takaichi’s first U.S. visit in March, Chou said.

“That is a nonnegotiable,” he said of getting the first project nailed down before Takaichi’s visit.

Takaichi plans to visit the White House on March 19 and meet with Trump ahead of the U.S. president’s scheduled visit to China in April.

“As long as there remain points that still require coordination, it cannot be said that an agreement has been reached,” Akazawa said. “In short, it means that we do not yet have an agreement that can be implemented.”

Under the terms of a memorandum of understanding, projects are recommended by an investment committee chaired by Lutnick, before being sent to Trump. Japan provides input on the feasibility of candidate projects through a consultation process before the projects are presented to the president. All investments must be made before Trump’s term in office ends.

“Put simply, when it comes to high-risk, high-return projects, from our standpoint — particularly given that taxpayer money may be involved — that is not the approach we are taking,” he said. “The talks have been extremely tough, with national interests at stake, even more so than when we negotiated the tariff agreement.”

Akazawa’s trip comes just weeks after files…