Fed Governor Miran: Tariff Impact Muted, Foreign Firms Bear Majority Burden

Federal Reserve Governor Stephen Miran stated on February 09, 2026, that data suggest the U.S. tariff policy is having a muted economic impact, with foreign firms and their subsidiaries primarily bearing the cost rather than American households. He attributed this to accounting structures that shift the apparent burden to U.S. entities. The Fed has linked some of the inflation above its 2% target to tariffs, but Miran noted the effect is likely one-time. Research from the Yale Budget Lab estimates the median annual cost of tariffs to U.S. households is about $1,400. Tariff revenues are expected to reduce the federal primary deficit, while the legality of the tariffs is under review by the Supreme Court, with President Trump warning a reversal would be damaging.