In his inaugural address, President Donald Trump promised he would create 25 million new jobs over the next ten years, more than any American president before him. As proof that he’s living up to that pledge, he has taken every opportunity to crow about various companies’ plans to invest in the country.

He had two opportunities recently to brag about the art of his deal-making. First, Wisconsin boasted that Foxconn, a Taiwanese tech supplier, would build a massive plant in the state in exchange for a record-setting tax incentive package. Then Toyota and Mazda announced that they will soon team up to build a $1.6 billion plant in the country—exact destination to be determined.

“A great investment in American manufacturing!” Trump tweeted after the Toyota and Mazda news, following up with a reminder of the Foxconn deal. Behind the scenes, his team took credit for the president’s business prowess.



Toyota & Mazda to build a new $1.6B plant here in the U.S.A. and create 4K new American jobs. A great investment in American manufacturing! — Donald J. Trump (@realDonaldTrump) August 4, 2017

....and don't forget that Foxconn will be spending up to 10 billion dollars on a top of the line plant/plants in Wisconsin. — Donald J. Trump (@realDonaldTrump) August 4, 2017

Similarly, Trump, to great fanfare, took credit for Carrier’s decision not to relocate hundreds of jobs to Mexico back in December, a feat pulled off with $7 million in tax benefits from the state of Indiana.

But in reality, no one wins under these kinds of deals except the companies themselves. The Foxconn and Toyota-Mazda agreements represent the latest escalation in a growing arms race between states to devise wildly lucrative incentives to lure companies and their jobs. These deals don’t actually have much of an impact, however, despite their big price tags. The jobs Trump can most reasonably take credit for represent the worst kind of deal-making.