Who is Stephen Miran, Harvard economist and the brain behind Donald Trump’s tariff policies?

On December 22, 2024, Stephen Miran was picked by Donald Trump to head the powerful Council of Economic Advisers (CEA). He quickly emerged as one of the most vocal defenders of the president’s tariff-heavy trade policy, even as global markets reeled under the impact of his announcements.

“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,” Miran said, according to a statement on the White House website, on April 7.

It was the day Trump announced it, and the tariff on China rose to 104 percent. It has since been further raised to 125 percent.

Mentored by Martin Feldstein at Harvard

Miran completed his undergraduate studies at Boston University in 2005, earning a degree in economics, philosophy, and mathematics. He then went on to pursue a PhD in economics at Harvard University, graduating in 2010.

During his time at Harvard, he was mentored by Martin Feldstein, a distinguished economist who served as the chairman of the Council of Economic Advisers under President Ronald Reagan in the early 1980s.

Before joining the Trump administration, he was a senior strategist at Hudson Bay Capital, a global investment firm.

Miran’s guide to restructuring global trade

In November 2024, while at Hudson Bay Capital, Miran wrote a 41-page “User’s Guide to Restructuring the Global Trading System.” The guide outlined a framework for adjusting the global trading and financial systems to benefit the United States.

It argued that tariffs could be used strategically as leverage in negotiations to secure market access for American exports from other countries.

However, the strategy now appears to be at the heart of Trump’s recent moves.

Miran defends tariffs for strengthening US trade position

“Tariffs deserve some extra attention. Most economists and some investors dismiss tariffs as counterproductive at best and devastatingly harmful at worst. They’re wrong,” Miran’s statement read, which carried his remarks at the Hudson Institute.

At the Hudson Institute, Miran said that the President’s reciprocal tariffs target “unfair trade practices,” like currency manipulation and dumping, rather than just generating revenue. He added that the revenue could also help lower taxes and enhance US competitiveness.

“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. 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,” Miran added.