Tariffs are Not Inflationary?

Posted 4/12/25

Rejection of the premise that tariffs are a consumption tax starts at the top, with the President Elect's "most beautiful word" musings, and the intellectual basis has been articulated in a recent paper by Chairman of the President's Council of Economic Advisors Steven Miran. The following was published last November, shortly after the election. It's worth a revisit.

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