Trump's economic advisor says tariffs aren't going anywhere, and 'stubborn countries' could see a return to Liberation Day
One of President Donald Trump's top economic advisors addressed a question that's top of mind for markets: What will tariffs look like after the looming deadline?
The answer might be a mixed bag for investors.
According to Stephen Miran, chairman of the White House Council of Economic Advisors, tariffs aren't going anywhere, and while duties may come down for some countries, others could see a return to the "Liberation Day" levels that sent the market into a tailspin in April.
Miran pointed to the coming July 9 deadline, which marks the end of the 90-day negotiation window Trump announced on April 9. He revealed that while there is currently no definitive answer, it seems likely that there won't be any dramatic changes.
Miran gave some context on likely courses of action, stating that some countries will likely be impacted differently than others, based on their willingness to make concessions and work with Trump.
"A few countries may be making such aggressive concessions," he told Yahoo! Finance on Thursday. "They convinced the president to lower tariffs below 10%. There are other countries that are just going to be stubborn and decide no. And then they'll have the 'Liberation Day' tariff snap back up on them."
That said, Miran added that he expects the Trump administration to extend the tariff deadline for countries that are "negotiating in good faith and making progress," reaching the type of resolutions the president is seeking.
He noted that Trump remains focused on using tariffs to encourage US companies to sell American products in international markets. Business leaders such as Nvidia CEO Jensen Huang have advocated for fewer barriers to selling goods in high-demand foreign markets.
As Miran added that policies that allow more goods to be sold in international markets could lead to higher income for both corporations and individuals, while also delivering returns for shareholders.
Ultimately, though, he summarized that he believes any severe tariff snapback rates will be determined by a country's progress in negotiations.
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