Hudson Institute Events Podcast
Chairman of the Council of Economic Advisers Stephen Miran on the Trump Administration’s Economic Agenda
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.
52:37
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Quick takeaways
- The U.S. bears significant costs providing global public goods, and new policies aim to ensure fairer burden-sharing from benefiting nations.
- The Trump administration's emphasis on tariffs challenges traditional economic thinking by leveraging market position to address persistent trade deficits.
Deep dives
U.S. Provision of Global Public Goods
The United States plays a crucial role in providing global public goods, particularly through its security umbrella and the international use of the dollar. This security provision fosters global peace, enabling a stable environment for economic activities. However, this comes at significant costs borne by American taxpayers, as military personnel protect both U.S. interests and global security. Furthermore, the reserve currency status of the dollar leads to persistent trade deficits that adversely affect the U.S. manufacturing sector, ultimately calling into question whether other nations are fairly contributing to these global benefits.
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