Stephen Miran is the brand new Chairman of the Council of Financial Advisors (CEA). He was confirmed by unanimous vote on March 12 2025 by the Senate Committee on Banking, Housing and City Affairs.
Dr. Miran labored as a senior advisor within the Treasury Division within the first Trump Administration. He holds a PhD in economics from Harvard, and till his appointment on the CEA was a fellow on the Manhattan Institute in New York, and a senior strategist at Hudson Bay Capital Administration, the place he not too long ago (November 2024) revealed a “Consumer’s Information to Restructuring the International Buying and selling System”. On this, he investigates and recommends how tariffs and different instruments might be utilized by the US authorities.
Miran highlights the effectiveness of tariffs on China from 2018-2019, emphasizing the negligible macroeconomic penalties and elevated U.S. Treasury income. He suggests managing the robust greenback’s influence on American manufacturing by way of insurance policies aiming to enhance burden sharing with buying and selling companions. Miran additionally proposes negotiation ways, together with gradual tariff will increase, ahead steerage on coverage, and tax cuts to counteract value competitors for U.S. exporters. He additional warns towards retaliatory tariffs, stating the U.S. can face up to escalation higher resulting from its robust shopper demand and sturdy markets.
Trump’s emphasis on American manufacturing and low taxes has been reiterated and confirmed by way of statements and insurance policies within the first quarter of 2025. Miran’s affirmation and imminent appointment is well timed as these insurance policies, together with tariffs, come into impact in April 2025 on a number of imports from Mexico, Canada, China and the European Union.
Picture Credit score: Manhattan Institute
