Economist Justin Wolfers pushed back against President Donald Trump’s 25% tariffs on Japan, despite the latter actively working towards a resolution on the matter.
What Happened: On Tuesday, in a post on X, Wolfers discussed Japan’s top trade negotiator’s recent travel to Washington D.C., where instead of engaging in high-level talks, the official was reportedly denied a meeting with U.S. Treasury Secretary Scott Bessent.
“He delayed his departure from the United States, hoping that the Treasury secretary would meet with Japan, one of the largest economies in the world,” Wolfers says, speaking with MSNBC, before eventually heading home since that failed to materialize.
See Also: Trump to Send ‘Take It Or Leave It’ Tariff Letters To 12 Countries On Monday: Report
Wolfers further highlights that the Japanese envoy managed only two brief phone calls with Commerce Secretary Howard Lutnick but failed to gain access to U.S. decision-makers in government.
Yet, on Monday, President Donald Trump imposed 25% tariffs on all imports to the United States from Japan. “How's Japan meant to make sense of this?” Wolfers asks.
Ryosei Akazawa, the Japanese chief trade negotiator, being unable to meet with Bessent during his latest visit to the U.S., was reported by Bloomberg.
The Treasury Department did not immediately respond to Benzinga’s requests for a comment on this matter. The story will be updated as soon as we receive a response.
Why It Matters: Economist Peter Schiff warned early this week that Trump's public letters to Japan and South Korea showed “a complete lack of understanding of trade,” since both countries impose just about 1% and 2% tariffs on goods from the U.S.
“Our trade deficits result from South Korea and Japan making more goods that Americans want to buy than the goods we make that they want to buy,” he said in a post on X.
Japanese Prime Minister Shigeru Ishiba expressed his dissatisfaction with Trump’s decision on Tuesday, calling it “truly regrettable.”
Ishiba also mentioned in an interview with NHK this week that Japan will not “make easy compromises,” as automobile tariffs continue to remain a point of contention.
Photo Courtesy: Maxim Elramsisy On Shutterstock.com
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