Chair of the Council of Economic Advisers, Steve Miran, has assured the American public that President Trump’s newly imposed tariffs will not lead to higher consumer prices. Instead, he emphasized that foreign countries will absorb the economic burden.
“Foreign countries will bear the burden of the tax. What that means is no material price increases for Americans in the long run,” Miran stated.
Trump’s Tariff Policy and Its Economic Impact
President Trump’s latest round of tariffs, aimed at strengthening American industry and reducing trade imbalances, has sent ripples through global markets. While critics warn of potential price hikes, the administration remains firm in its stance that these tariffs will ultimately benefit American workers and businesses.
According to Miran, foreign manufacturers will be forced to lower their prices to remain competitive in the U.S. market, ensuring that the cost of imported goods does not rise for American consumers.
Market and Global Response
Since Trump’s announcement:
- China has vowed to retaliate with its own tariffs on U.S. goods.
- The European Union is considering countermeasures but has not yet acted.
- Wall Street saw initial volatility, with investors weighing the long-term effects of the policy shift.
- American manufacturing and agricultural sectors are closely monitoring the situation, with some expressing optimism that the tariffs will protect domestic production.
Despite global pushback, the Trump administration remains committed to its America First trade strategy. As the economic effects unfold, all eyes will be on whether the administration’s predictions hold true—and whether foreign suppliers, rather than American consumers, truly bear the cost of the new tariffs.
