Fed’s Miran downplays impact of Trump’s tariffs on growth, inflation

Federal Reserve Governor Stephen Meiran downplayed the president’s economic impact Donald Trump sweeping trade measures, saying there is little evidence that the new tariffs affect growth or stoke inflation.

“There are no real physical signs of slowing growth, and there are no real physical signs of rising inflation,” said Miran, who spoke at the World Economy Summit organized by Semafor on Thursday.

Asked whether consumers would end up paying more as companies pass on higher costs, Miran emphasized that such a scenario was unlikely.

Trump’s tariffs take more than $200 billion in revenue as Supreme Court considers legality challenge

“As the importer, we are more flexible because we can customize our order across borders,” Miran said. “We can buy from a country we have a better trade agreement or we can make things at home.”

“Producers and their factories are stuck in place, and factories cannot move across the country’s borders,” he explained, adding that “the effects of the tariffs were not as bad as people expected.”

Trump defends tariffs, says US was ‘kingpin king’ due to trade imbalance

Meiran’s comments largely reflect the trade stance of the Trump administration, from which Meiran was on leave while serving on the Federal Reserve Board of Governors. He is expected to return to his role as White House economic adviser after his tenure at the Fed ends in January.

Trump has previously defended his use of tariffs to correct what he called years of trade imbalances, saying on October 7 that the United States was “the king of tariffs” but would no longer allow other countries to take advantage of them.

President Donald Trump had previously said that tariffs were a national security issue. (Sean Theo/EPA/Bloomberg/Getty Images)

U.S. companies pay these import taxes directly to the federal government, but companies typically pass on the cost by raising prices, meaning consumers ultimately bear the burden of the tariffs.

Under the Trump administration, the federal government collected consecutive record tariff revenues in August and September, totaling $62.6 billion.

Total tariff revenue for fiscal year 2025 reached $215.2 billion, according to figures from customs and some excise taxes released Sept. 30 by the Commerce Department. Ministry of Treasury.

Consecutive hikes: August and September bring in $62.6 billion in tariff revenues

The final revelation comes as supreme court He weighs the legitimacy of Trump’s trade policy, a key part of his economic agenda.

“We look forward to a final victory in this matter with the Supreme Court,” White House spokesman Khush Desai wrote.

President Donald Trump has said he is considering coming to the Supreme Court in November for oral arguments. (Valerie Blish/Picture Alliance/Getty Images/Getty Images)

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“We have a big case before the Supreme Court, and I’ll tell you, it’s one of the most important cases in the history of our country,” Trump said in the Oval Office on Wednesday.

“If we don’t win this case, we will be a weak and troubled financial mess for many years to come.”