Hudson Institute Events Podcast Chairman of the Council of Economic Advisers Stephen Miran on the Trump Administration’s Economic Agenda
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Apr 7, 2025 
Stephen Miran, the Chairman of President Trump’s Council of Economic Advisers, discusses crucial aspects of the administration's economic agenda. He dives into the role of the U.S. dollar as a global reserve currency and its implications for trade dynamics. Miran addresses America's economic strategies for managing national debt, interest rates, and the impact of regulatory challenges on inflation. He also critiques China's economic vulnerabilities while emphasizing the importance of overcoming the skilled labor shortage in U.S. manufacturing.
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US as Provider of Global Public Goods
- The US provides global public goods like security and reserve currency (dollar and treasury securities).
- These goods, while beneficial for global trade and prosperity, are costly for the US to maintain.
Dollar's Role in Global Trade
- US financial dominance enables international trade between countries lacking trusted currencies.
- The example of China and Brazil trading using US dollars illustrates this dependence on US stability.
Flaws in Standard Trade Models
- Standard economic models often incorrectly assume trade deficits are self-correcting.
- Miran argues these models fail to consider the US's role as a reserve currency provider, leading to inaccurate predictions about trade imbalances.