TBL Thinks: Interpreting Tariffs and the Trump Economic Agenda
Dear Readers,
It’s Thinking Time! This week we do a deep dive of White House economic advisor Steve Miran’s speech at an event hosted by the Hudson Institute. We believe that in a time of market volatility that has caused panic and hysteria, this speech offers some insight into what we can expect from the Trump administration.
TBL Thinks is our way to summarize the most important paywalled, longer reads relevant to global macroeconomics, helping you cut through the noise. With that in mind, please enjoy.
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A New Economic Order - One Focused on Fair Play
White House economic advisor and friend of TBL Steve Miran recently spoke at an event hosted by the Hudson Institute. After watching and rereading this speech several times this week, we wanted to provide you with a summary of its most important points. In this process, we are able to internalize the White House agenda, and we’re processing just how much impact a falling trade deficit could have on the entire US Treasury asset class.
Pulling no punches, Miran opens his speech by calling to attention the US’ role as provider of “global public goods” for the rest of the world by way of security (defense), dollar, and Treasury securities. He explains how both types of securities come at high costs, bringing to attention the risks taken by our armed forces, but also the heavy taxes levied on American citizens to “finance global security,” while on the financial front, calls out the dollar’s reserve function and how there is no cost to the rest of the world to access the US Treasury asset class—a cost-free arrangement that needs to change.