As global markets brace for impact, the driving force behind Donald Trump’s escalating tariff strategy is emerging from the shadows—Harvard-trained economist Stephen Miran, who now helms the Council of Economic Advisers (CEA).
Appointed by Trump on December 22, 2024, Miran has quickly risen as the leading voice defending the administration’s aggressive trade stance. His beliefs are rooted in the idea that tariffs aren’t just tools for revenue—but weapons to secure fairer trade terms for the U.S. “The President has promised to rebuild our broken industrial base and pursue trade terms that put American workers and businesses first… Our military and financial dominance cannot be taken for granted, and the Trump Administration is determined to preserve them,” said Miran in a statement on the White House website dated April 7.
That same day, the tariff on Chinese imports was hiked to 104 percent—a number that has since jumped to 125 percent.
From Harvard to the White House
Miran’s academic roots trace back to Boston University, where he earned degrees in economics, philosophy, and mathematics in 2005. He pursued his PhD in economics at Harvard, studying under the legendary Martin Feldstein, who served as Ronald Reagan’s top economic adviser in the 1980s.
Before stepping into politics, Miran worked as a senior strategist at Hudson Bay Capital, a global investment firm. It was during his time there that he authored a bold 41-page plan in November 2024, titled “User’s Guide to Restructuring the Global Trading System.” The document argued that tariffs should be used as strategic leverage in negotiations—not just revenue tools.
Redefining Global Trade, One Tariff at a Time
Now, the framework laid out in Miran’s guide appears to be shaping Trump’s trade playbook.
In a speech at the Hudson Institute, Miran doubled down on the controversial approach: “Tariffs deserve some extra attention. Most economists and some investors dismiss tariffs as counterproductive at best and devastatingly harmful at worst. They’re wrong.”
He emphasized that reciprocal tariffs target unfair practices like currency manipulation and dumping, rather than merely serving as a cash cow for the government. “It is important to note here that tariffs are not levied simply to collect revenues. For example, the President’s reciprocal tariffs are designed to address tariff and non-tariff barriers and other forms of cheating like currency manipulation, dumping, and subsidies to gain unfair advantage,” Miran said.
“Revenue is a nice side effect, and if it is used in part for lowering taxes, it can help turbo-charge competitiveness improvements that boost U.S. exports.”
As the world watches the U.S. reshuffle global trade dynamics, one thing is clear—Stephen Miran isn’t just reshaping policy; he’s rewriting the rules of the economic game.
