The wattmeter’s current coil is in series with the load current, while its potential coil is connected across an {open-circuited} transformer winding that only carries magnetizing flux. The voltage across that winding is induced in quadrature (90°) with the current in the series path (ideal transformers assumed, no winding resistance).
Hence the phase angle between the potential-coil voltage and the current-coil current is $90^\circ$. A dynamometer wattmeter reads
\[
P = V I \cos\phi,
\]
so with $\phi=90^\circ$, $\cos\phi=0$ and the wattmeter reads $0\ \text{W}$.