Americans will not be saddled with drastic long-term price increases due to President Donald Trump’s tariffs on U.S. trade partners, Council of Economic Advisors Chairman Stephen Miran told Newsmax on Friday.
Trump on Thursday night signed the order imposing new tariffs on 68 countries and the European Union.
The president’s critics have said the tariffs threaten to create new inflationary pressures and hamper economic growth.
While appearing on Newsmax’s “National Report,” Miran dismissed those concerns.
“It’s always been our view that in the long run, the burden of tariffs is borne by the country that we’re tariffing, because we have lots of options,” Miran told co-hosts Shaun Kraisman and Emma Rechenberg. “And those options give us the ability to avoid the burden of the tariff.
“We don’t have to import from any given country. We can import from different countries. We can make stuff at home. We can produce stuff domestically in these great United States, or we can buy things from a trading partner that makes a deal with us and says, ‘Hey, we’re going to go out of our way to do things that are great for America so that we can have a lower tariff rate and a better trade deal.’ That flexibility means that the countries that we’re tariffing ultimately have to absorb the burden of these tariffs.”
Miran did add that “volatility in prices” could be seen in the short term.
“There can absolutely be volatility in prices in the same way there was volatility in financial markets, right,” he said. “But in the long run, this economic logic, this very noncontroversial economic logic will absolutely hold.”
Trump’s order extended “liberation day” Aug. 1 to Aug. 7 for the tariffs to go into effect.
“There’s just some government paperwork that needs to be done between when you agree to a deal and when you’re ready to collect the tariffs,” Miran said. “It’s just like with anything in government, you know, there’s lots of T’s to cross and lots of I’s to dot. And just the paperwork of it takes a few days, but have no doubt these tariffs will fall into place and the government is going to take in revenue like we have never seen before.
“Earlier estimates based on about a month ago were that we would take in about $3 trillion of revenue over the course of a decade from these tariffs. My team is still working on crunching the numbers and the latest set of tariffs, but I wouldn’t be surprised if it’s much closer to 4 trillion than 3 trillion.”
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