Top Bank Of Japan Official Believes Trump's Tariffs Go Beyond Economics: 'Cultural Protest Against Intellectual Elites'

A top Bank of Japan official reportedly blamed the Trump administration's tariffs on a broad political and social movement that transcends economic goals, in a rare comment by the central banker about the U.S. policies.

According to a report by Reuters, the remarks were made by Bank of Japan Deputy Governor Ryozo Himino during a speech on Tuesday, which primarily focused on the economy and risks, but also included his "personal" observation on the philosophy of Trump's policies.

The U.S. administration adopts a holistic approach that treats political, economic, and cultural matters as "integral parts of a single, inseparable policy agenda," he reportedly said.

As such, Trump's tariffs are a confluence of several elements like the need for better trade terms, stronger economic security, a political agenda of fairness and distribution, as well as a "cultural protest against intellectual elites," he reportedly added.

Throughout his presidential campaign, Trump had accused the key trading partners of the U.S. of stealing from America due to their large trade surpluses. Since taking the oath for the second time, Trump has imposed a barrage of levies, which he says are crucial for the national interest.

Himino reportedly stated that the tariff policy is unfettered from conventional wisdom and orthodoxy, and focuses on facts that define "the locus and sources of power," and explores opportunities not yet exploited.

He further elaborated that while economics textbooks preach the benefits of free trade, a superpower like the U.S. may see more merit in imposing moderate tariffs as it has leverage to deter retaliatory levies from other countries.

Japan is pressing the U.S. to follow through on its pledge to cut auto tariffs and fold a separate longstanding 2.5% levy into a new 15% rate as discussed in a July deal. However, it is reluctant to give in to the U.S. pressure on agricultural imports to protect Japanese farmers.

Retail sentiment on Stocktwits about iShares MSCI Japan ETF was in the 'bullish' territory at the time of writing.

Himino added that deepening domestic social and economic divisions may also validate an argument made by some pundits that an efficient financial system, such as free trade, may not necessarily be ideal for achieving social fairness and redistribution.

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