Stefan Angrick, a senior economist at Moody's Analytics, says the new US-Japan trade agreement is not an "unqualified positive", and that the "devil tends to be in the detail." Wednesday's deal cut the threatened 25-percent tariff rate to 15 percent. "It's certainly positive news relative to the tariff rates which were being threatened at one point," he said, but added: "I think 15% is a much, much higher tariff rate than many, many were expecting." SOUNDBITES