President Donald Trump has been ramping up his tariff threats against Japan, accusing the country of refusing to buy U.S. rice. But economist and gold advocate Peter Schiff says the U.S. should look in the mirror first.

Schiff: U.S. Tariffs Hurt American Consumers More

“Because of our own tariffs and import quotas, Americans pay about 140% more for sugar and peanuts than the rest of the world,” Schiff posted on X on July 1. “This hits the poor hard, as they consume a lot of PB&J sandwiches. Before Trump lectures Japan on their quotas and tariffs on rice, he should repeal ours!”

Don't Miss:

Trump recently claimed, “They won't take our RICE,” in a Truth Social post, adding, “yet they have a massive rice shortage.”

But the claim doesn’t seem to be backed by data. Japan imported $298 million worth of U.S. rice in 2024 and another $114 million between this past January and April, according to CNN, which cited U.S. Census Bureau data.

Still, Trump doubled down. “They need rice so badly, but they won't take rice,” Trump told reporters on July 1.

Trending: Maximize saving for your retirement and cut down on taxes: Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation. 

Meanwhile, Japanese officials have largely stayed calm. Deputy Chief Cabinet Secretary Kazuhiko Aoki said Japan remains committed to productive and good-faith discussions aimed at reaching a mutually beneficial agreement with the U.S., according to CNN.

Criticism Of The Vietnam Trade Deal

Read Next: 

Image: Shutterstock