Do you see a menu option called VM? Go under there and look for removable devices .. .and see if you see a USB printer there.
Yea...highlight the virtual machine that you want to access the printer from. Then see if you have an option in one of the menus to connect it. Then look for a menu option that says something like "Removable Devices" .... In vmware server, it's under the VM menu. I'm not exactly sure how it is laid out for VMware fusion...I would imagine it would be something similar.
Because the printer is currently connected to the HOST machine, in the "Removable Devices" section, you should be able to disconnect it from the HOST and present it to the GUEST. That's probably why you can't see it in the GUEST machine.