AnthonyAs an analyst at Hudson Bay Capital, Stephen Miran authored the blueprint for the tariff strategy the Trump administration is now using:<br><blockquote>Tariffs provide revenue, and if offset by currency adjustments, present <b>minimal inflationary or otherwise adverse side effects</b>, consistent with the experience in 2018-2019. While currency offset can <b>inhibit adjustments to trade flows</b>, it suggests that <b>tariffs are ultimately financed by the tariffed nation, whose real purchasing power and wealth decline</b>, and that the revenue raised improves burden sharing for reserve asset provision. Tariffs will likely be implemented in a manner deeply intertwined with national security concerns, and I discuss a variety of possible implementation schemes. I also discuss optimal tariff rates in the context of the rest of the U.S. taxation system.<br></blockquote>(emphasis mine)<br><br>From <a href="https://www.hudsonbaycapital.com/documents/FG/hudsonbay/research/638199_A_Users_Guide_to_Restructuring_the_Global_Trading_System.pdf" rel="nofollow noopener noreferrer" target="_blank">https://www.hudsonbaycapital.com/documents/FG/hudsonbay/research/638199_A_Users_Guide_to_Restructuring_the_Global_Trading_System.pdf</a><br><br>Miran became the chair of the Council of Economic Advisors, appointed by Trump, in March 2025. He seems to be a conservative think tank creature too.<br><br>I have no standing in economics but I know a bit about it and I can also do math, and this document is word salad as far as I can tell. One of the considerations proposed for choosing a tariff rate is "Do the nation’s leaders grandstand against the United States in the international theater?" This is not economics, it's petty grievance disguised as policy.<br><br><a href="https://buc.ci?t=uspol" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#USPol</a> <a href="https://buc.ci?t=useconomics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#USEconomics</a> <a href="https://buc.ci?t=trumptariffs" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#TrumpTariffs</a> <a href="https://buc.ci?t=trumprecession" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#TrumpRecession</a> <a href="https://buc.ci?t=trumpcrash" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#TrumpCrash</a><br>