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In the 1980s, Mr. Trump’s worldview on trade and America’s relationship with its allies took shape, while his obsession with tariffs on imports began to take shape.
American businessman Donald Trump's fortunes were declining in the 1990s, and he needed to raise cash quickly. So he sailed his 85m superyacht, the Trump Princess, to Asia in the hope of attracting Japanese billionaires. This was not the first time the businessman had sought Japanese investors for his project.
In the 1980s, Mr. Trump witnessed firsthand the Japanese buying spree of iconic American brands and real estate. It was then that Mr. Trump’s worldview on trade and America’s relationship with its allies took shape. At the same time, his obsession with tariffs on imports began to take shape.
Barbara Res, a former executive vice president of the Trump Organization, recalled that Trump was jealous of Japanese businessmen who were considered geniuses. He felt that the United States did not receive enough in return for supporting its ally Japan in defense. Trump often complained that he had difficulty making deals with Japanese business groups.
In the late 1980s, when appearing on CNN's Larry King Live, Mr. Trump complained: "I'm tired of seeing other countries taking advantage of the United States."
Shortly after sharing his business philosophy in his 1987 book “The Art of the Deal,” Trump began criticizing U.S. trade policies. In an interview with Oprah Winfrey on The Oprah Show, Trump said he would handle foreign policy differently, asking U.S. allies to “pay their fair share.”
He also assessed that it cannot be called free trade when Japan is "dumping goods" into the US market but making it impossible to do business in the Land of the Rising Sun.
Jennifer Miller, an associate professor at Dartmouth College (USA), commented that there were many other figures who shared Mr. Trump's views on the economy at that time. Japan created competition for the US manufacturing industry, especially in the fields of consumer electronics and automobiles. Many US factories closed and Japanese brands "flooded" the "Land of the Stars and Stripes" market. Experts at that time even predicted the possibility of Japan surpassing the US to become the world's leading economy.
Before appearing on “The Oprah Show,” Trump spent nearly $100,000 to place an “open letter” in full-page ads in three major U.S. newspapers. The headline read, “America’s foreign defense policy would be fine, if only it were a little more assertive.” In it, he argued that Japan and other countries had taken advantage of the United States for decades. Trump believed the obvious solution was to tax these wealthy nations.
“The world laughs at American politicians as we defend ships we don’t own, carry oil we don’t need, and send it to allies who don’t want to help,” Trump wrote.
The open letter served as a powerful introduction to Mr Trump’s foreign policy vision, according to Ms Miller, who concluded that the solution to the problem was a more aggressive protectionist trade policy.
That's why Trump loves tariffs, Ms. Miller said, because they not only fit his negotiating mindset but also fit with how he sees himself as a good negotiator. And being able to use tariffs to warn and leverage other countries makes Trump even more excited.
According to the BBC (UK), President Trump's current management philosophy has not changed much from when he was a young real estate developer. The 47th White House owner still strongly believes that tariffs are a tool to pressure other countries to open their markets and reduce trade deficits.
US President Trump welcomed Japanese Prime Minister Shigeru Ishiba to the White House on February 7. The US leader told reporters that the two countries will work together to bring the US trade deficit with Japan to "balance".
Mr Trump said Japan also wants fairness. According to the latest US trade figures, Japan's trade surplus with the US in goods will be $68.5 billion in 2024, compared to $71.6 billion in 2023.
For his part, Prime Minister Ishiba stressed that Japan is determined to cooperate closely with the US to bring peace to the world and affirmed to Mr. Trump that Japan is ready to increase investment in the US.
