Stephen Miran, nominated by Donald Trump as chairman of the Council of Economic Advisers, has put forward a distinctive economic strategy focused on tariffs, currency valuation, and burden-sharing among trade partners. His proposals aim to reindustrialize the U.S., strengthen its economic position, and reshape global trade dynamics.
Miran views tariffs as a negotiating tool, using them to pressure trading partners into trade deals that favor U.S. manufacturing and exports. He argues that tariffs provide leverage to encourage other countries to agree to a weaker dollar, which would make American goods more competitive globally. His proposal envisions a managed depreciation of the dollar, which he believes would boost U.S. industry and exports.
One of Miran’s most notable proposals is the “Mar-a-Lago Accord,” inspired by the 1985 Plaza Accord. This agreement would involve reducing tariffs in exchange for foreign countries making key concessions, such as respecting U.S. intellectual property rights and, for NATO allies, increasing their defense contributions.
Miran emphasizes the sequencing of trade reforms, noting that tariffs tend to strengthen the dollar initially. Since a strong dollar can hurt exports, he suggests first imposing tariffs to gain leverage, then negotiating a currency agreement that weakens the dollar. Once this agreement is reached, the U.S. could reduce tariffs as part of the incentive for cooperation.
Miran is a strong proponent of high tariffs as a means of reindustrializing the U.S. He believes they can support domestic manufacturing, ease business regulations, and contribute to defense sector growth. Additionally, he suggests that tariffs should serve as a cost that allies pay for the security provided by the U.S.
Miran links trade policy to national security, arguing that trading partners should contribute more to both trade and defense. He points to Trump’s approach to border security with Canada and Mexico as an example of using trade policies to advance broader national priorities.
On debt management, Miran proposes that the U.S. could negotiate with foreign governments to exchange their U.S. Treasury holdings for lower-cost century bonds. By leveraging potential tariffs and U.S. security assistance, he estimates that such a debt swap could save the U.S. around $100 billion annually in interest costs.
Miran’s vision aligns with Trump’s broader economic philosophy—prioritizing domestic industry, leveraging trade policies for geopolitical influence, and ensuring that economic agreements benefit the U.S. While his approach may face opposition, it reflects a strategy aimed at reshaping international trade in America’s favor.