Bloomberg Talks US Council of Economic Advisers Chairman Stephen Miran Talks No Evidence to Show Tariffs Have Been Inflationary
Jul 9, 2025
Stephen Miran, Chairman of the White House Council of Economic Advisers, discusses the impact of tariffs and their correlation with inflation. He confidently asserts that there’s no evidence linking Trump's tariffs to rising prices. Miran highlights how copper tariffs can bolster domestic production, crucial for industries like data centers. The conversation also touches on the revenue generation potential of tariffs, possible impacts on investment strategies, and the delicate balance of Federal Reserve autonomy in economic policy.
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Tariffs Impact Relative Prices Only
- Targeted tariffs cause relative price changes, not general inflation increases.
- Research shows no tariff-induced inflation in the general price level since tariffs began in January.
Copper Tariffs for Domestic Strength
- The U.S. needs more domestically produced copper for manufacturing and national security.
- Increasing copper production supports a strong manufacturing sector critical for defense.
Use Tariffs to Gain Leverage
- Be serious and willing to act to extract concessions in trade negotiations.
- Leverage tariffs to demonstrate resolve and motivate other countries to make concessions.