Bloomberg Talks Chair of the White House Council of Economic Advisers Stephen Miran Talks Tariffs
Aug 7, 2025
Stephen Miran, Chair of the White House Council of Economic Advisers, shares insights on the impact of tariffs during Trump's early administration. He discusses the record-setting $30 billion in tariff revenue and debunks myths linking tariffs to inflation. The conversation also highlights how small businesses are coping with rising costs and how new tariffs on semiconductors aim to boost U.S. manufacturing. Miran also touches on potential candidates for Federal Reserve leadership and the integration of industrial AI into economic strategies.
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Historic Trade Tariff Restructuring
- The trade tariff restructuring under President Trump covers 55 to 60 percent of global GDP and is historic in scale.
- It is expected to generate trillions of dollars in revenue over a decade and incentivize domestic manufacturing and investment.
Tariff Revenues Reach Record Levels
- Tariff revenues have reached record monthly levels, signaling strong fiscal impact.
- Updated analyses expect total tariff revenue to approach $4 trillion over ten years due to increased rates.
Tariffs Not Driving Inflation
- Past data shows tariffs have not caused significant inflation, only a one-time price level shift.
- The overall policy environment is disinflationary, balancing out tariff effects and preventing long-term inflation trends.