Fed Governor Stephen Miran argues that Americans are not bearing the brunt of trade tariffs
Fed Governor Stephen Miran argued Monday that foreigners pay most US tariffs. He claimed data is skewed by foreign subsidiaries operating as domestic firms.
Federal Reserve Governor Stephen Miran stated today, February 9, 2026, that import tariffs in the US 
US have had a more muted effect on the economy than previously feared, asserting that the primary burden is being borne by foreign companies and exporters rather than U.S. agents or U.S. households. His remarks, which touched upon themes relevant to the Boston University Questrom School of Business, provide a significant counterpoint to ongoing debates regarding the economic impact of trade policies established during the Trump administration of Donald Trump. Miran, a member of the Board of Governors, noted that the data suggests international firms are absorbing much of the cost of these measures.
US have had a more muted effect on the economy than previously feared, asserting that the primary burden is being borne by foreign companies and exporters rather than U.S. agents or U.S. households. His remarks, which touched upon themes relevant to the Boston University Questrom School of Business, provide a significant counterpoint to ongoing debates regarding the economic impact of trade policies established during the Trump administration of Donald Trump. Miran, a member of the Board of Governors, noted that the data suggests international firms are absorbing much of the cost of these measures.
