Bloomberg Talks US Council of Economic Advisers Chairman Stephen Miran Talks Tariff Negotiations
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Apr 8, 2025 
Stephen Miran, Chairman of the White House Council of Economic Advisers, discusses President Trump's tariff policies and their potential impact on negotiations. He explains how tariffs could serve as leverage for the U.S. if countries offer the right concessions. The conversation delves into the complexities of global economic responsibilities, emphasizing the need for burden sharing among nations. Miran also addresses the uncertainty businesses face amid changing economic policies and highlights how strategic investments can ultimately drive growth.
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The Phase One Deal
- President Trump's 2019 'Phase One' China deal was a success, covering intellectual property and market access.
- The Biden administration's subsequent abandonment of the deal was detrimental to the US.
Beyond Tariff Rates
- Tariff negotiations hinge on more than just rates; non-tariff barriers significantly impact trade balance.
- Countries must open markets to US exports, but specifics depend on what persuades President Trump.
Barriers vs. Deficit
- Market confusion arises from unclear US objectives: is it about barriers to entry or the trade deficit?
- Reducing barriers to entry and opening markets to US exports will naturally impact the trade deficit.