Fed Governor Stephen Miran Slams Narrative That Americans Bear Tariff Costs— 'Entirely Inappropriate'

Federal Reserve Governor Stephen Miran has suggested that the burden of trade tariffs is not being shouldered by Americans, as widely believed by economists.
Miran, during an event at the Boston University Questrom School of Business, stated that accounting treatment may be obscuring the true burden of tariffs, as reported by Reuters on Monday. He pointed out that the data might show a U.S. entity bearing the burden is “entirely inappropriate” because, in reality, it is just the U.S. subsidiary of a foreign company.
This challenges the common view among economists that American consumers bear the cost of tariffs through higher prices.
The Fed Governor said he believes that, over time, many experts have gradually aligned with his view, recognizing that the impact of the tariffs on the eco