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Trump's Economic Adviser Rejects Short-Term Pain From Tariffs
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March 24, 2025
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9:38Now PlayingPresident Donald Trump’s top economic adviser played down the idea of short-term damage to the US economy from tariff hikes, saying that American consumers have options to adapt to the levies.
“I don’t think there is going to be material short-term pain from the tariffs,” Stephen Miran, chair of the White House Council of Economic Advisers, said Monday in a Bloomberg Radio and Television interview with Saleha Mohsin. “US consumers are flexible. We have options. We can produce stuff at home.”
Miran declined to offer any specifics on the next set of tariff hikes, which Trump has pledged for release on April 2. Bloomberg News reported earlier that the wave of duties is likely to b
“The situation is developing,” Miran said. “The team and the president are entertaining options. It would be wrong for me to get ahead of that,” he said. “We’ll find out soon.”
Rather than the US, it will be foreign nations that will bear the pain from tariff hikes, said Miran, who previously worked as a senior strategist at hedge fund Hudson Bay Capital.
“Countries that sell to the United States are inflexible — they’ve only got the United States to sell to,” Miran said. “So they’re the ones who bear the burden of these tariffs, which means that there’s going to be very limited pass-through into downside economic risk or into higher prices.”
The US economy’s challenges in the near term will instead derive from a transition away from reliance on the public sector, the White House chief economist said.
Three-quarters of US job growth over the past couple of years can be tied to “government expenditures and taxpayer subsidies,” Miran said. “So it is a brittle economy as we transition away from that to the private sector.”
Watch the full conversation with the chair of the president's council of economic advisers, Stephen Miran.
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