Fed Governor Miran: Trump Tariffs' Impact Muted, Foreign Firms Pay Not Americans

• Federal Reserve Governor Stephen Miran defended Trump's tariff policy, stating its economic fallout has been benign.
• Miran argued that foreign firms, not American consumers, primarily absorb the costs of the tariffs.
• His views contrast with data suggesting US households bear much of the burden through higher prices.
• Miran explained that while official data shows US entities as importers, many are foreign-owned subsidiaries.
• The Fed has noted tariffs contributed to inflation, but Miran believes fears of sustained price pressures were overstated.