- Stephen Miran, newly confirmed as chairman of Trump’s Council of Economic Advisors, has painted an ideal scenario where the tax increase paid by U.S. importers is offset by a cheaper exchange rate. He acknowledged a trade war would make it much likelier, however, that American consumers end up bearing the burden of tariffs.
President Trump is adamant targeted countries will pay for his tariffs. His argument has faced plenty of scorn from mainstream economists—many of whom also maintain that Americans, already weary from the country’s recent bout with inflation, will bear the brunt of higher prices. Respected names on Wall Street who have gone to work for the president, most notably Treasury Secretary Scott Bessent, argue that need not be the case.
