Trump's economic adviser downplayed concerns about short-term impacts from increased tariffs

Senior Economic Advisor to the President of the United States, Stephen Miran, who heads the White House Council of Economic Advisers, expressed the opinion that the short-term impact of tariff increases on the US economy is insignificant. According to him, consumers have access to a wide range of goods and can adapt to the new conditions.

Miran, a former hedge fund analyst, stressed that the primary impact of the tariffs would be borne by foreign trading partners. With limited options to redirect exports, these nations will absorb most of the costs. Meanwhile, the US economy faces separate challenges, including dwindling government funding and weaker private-sector stimulus.

The administration official declined to provide specifics about upcoming tariff measures, stating the final decision remains under development. President Trump's team is currently prioritizing tariff policy considerations while deferring other trade initiatives for future deliberation.