Bloomberg Talks US Council of Economic Advisers Chairman Stephen Miran Talks Tariffs
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Mar 24, 2025 
Stephen Miran, Chairman of the US Council of Economic Advisers, brings valuable insights into the complexities of tariffs and their effects on consumers. He discusses how U.S. consumers adapt to tariff costs, challenging conventional views on their impact. The conversation also delves into the shift from a government-centric economy to private sector reliance, showcasing vulnerabilities. Additionally, Miran critiques traditional economic theories around trade deficits and emphasizes the need for a strategic approach to tackle currency valuation and trade imbalances.
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Economic Policy Burden
- The party who bears the burden of an economic policy is the inflexible one.
- Flexible parties adjust; inflexible ones absorb costs.
Property Tax Analogy
- Imagine a town raises property taxes; buyers might look elsewhere.
- Sellers, stuck with their property, lower prices, bearing the tax burden.
Tariff Burden and Flexibility
- US consumers, being flexible, can shift to domestic products or other import sources.
- Countries selling to the US have limited alternatives, bearing the tariff burden.