Stephen Miran is the new Chairman of the Council of Economic Advisers (CEA). He was confirmed by unanimous vote on March 12 2025 by the Senate Committee on Banking, Housing and Urban Affairs.

Dr. Miran worked as a senior advisor in the Treasury Department in the first Trump Administration. He holds a PhD in economics from Harvard, and until his appointment at the CEA  was a fellow at the Manhattan Institute in New York, and a senior strategist at Hudson Bay Capital Management, where he recently (November 2024) published a "User's Guide to Restructuring the Global Trading System". In this, he investigates and recommends how tariffs and other tools could be used by the US government.

Miran highlights the effectiveness of tariffs on China from 2018-2019, emphasizing the negligible macroeconomic consequences and increased U.S. Treasury revenue. He suggests managing the strong dollar's impact on American manufacturing through policies aiming to improve burden sharing with trading partners. Miran also proposes negotiation tactics, including gradual tariff increases, forward guidance on policy, and tax cuts to counteract price competition for U.S. exporters. He further warns against retaliatory tariffs, stating the U.S. can withstand escalation better due to its strong consumer demand and robust markets.

Trump's emphasis on American production and low taxes has been reiterated and confirmed through statements and policies in the first quarter of 2025. Miran's confirmation and imminent appointment is timely as these policies, including tariffs, come into effect in April 2025 on multiple imports from Mexico, Canada, China and the European Union.

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^{Image Credit: Manhattan Institute}