The LBC presenter was responding to Jeremy Corbyn's release of 451 pages of documents which he says shows a record of months of trade talks in Washington and London.
James believes this should be a massive intervention - but in modern politics is less sure that it will make any difference.
Speaking with LBC's Political Editor Theo Usherwood, James said: "In normal circumstances, this would be huge. But we have somehow created a political context in which people claim that they like being lied to.
"So if this turns out to be evidence of a mistake or a mis-step or a downright calumny committed by the Prime Minister, then I'm not persuaded of convinced any more it can be successfully turned into political capital."
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