The Architect Behind Trump's Trade Revolution: Why Miran's Economic Theory Is Making Waves in Crypto Markets

Trump has appointed Stephen Miran to the Federal Reserve Board, a position that requires Senate confirmation. Miran will simultaneously maintain his role as CEA Chairman, replacing Adriana Kugler who previously held the seat. This dual appointment underscores the central role Miran plays in shaping the administration’s economic agenda.

Challenging the Post-War Economic Consensus

At the heart of Miran’s influence lies a radical rethinking of global trade dynamics. Unlike traditional free trade advocates, Miran argues that the dollar’s dominance as the world’s reserve currency creates an unintended consequence: it artificially strengthens the greenback, undermining U.S. export competitiveness. Meanwhile, nations like China, Japan, and Germany leverage this advantage to flood American markets with affordable goods, generating persistent trade deficits that Miran views as economically damaging.

His solution centers on aggressive tariff implementation—what he terms “burden-sharing.” The theory suggests that countries reliant on U.S. market access will ultimately absorb tariff costs rather than pass them to American consumers. This mechanism, Miran contends, will rebalance global trade relationships without triggering domestic inflation.

Mainstream Pushback and the Larry Summers Critique

Not everyone buys this reasoning. Larry Summers, the former Harvard University president and economist, has emerged as a vocal skeptic. Summers dismisses Miran’s framework as fundamentally flawed, labeling the approach as misguided reasoning. More critically, Summers warns that the tariff strategy inverts Miran’s promise: prices will rise, inflation will accelerate, and economic growth will suffer. This clash between Miran’s heterodox thinking and establishment economics has become a defining debate of Trump’s second-term policy direction.

The Miran Report: Blueprint for Trade Policy

The intellectual foundation for this economic vision stems from Miran’s “User’s Guide to Restructuring the Global Trading System”—commonly referred to as the Miran Report. This document serves as the theoretical and operational roadmap guiding Trump administration trade initiatives, translating economic theory into concrete policy tools.

Market Implications: What Traders Should Watch

As policy uncertainty swirls around tariff implementation, cryptocurrency markets are tracking these developments closely. Key digital assets show the following current dynamics:

BTC is trading at $87.59K with a 24-hour decline of -0.42%, reflecting broader market caution amid trade policy headlines.

ETH sits at $2.93K, down -0.64% over the same period, as investors assess macroeconomic implications.

ASR (AS Roma Fan Token) presents a contrasting picture, climbing +12.11% to $1.64, showing selective strength in niche asset categories.

The intersection of Miran’s tariff philosophy and market reaction demonstrates how policy appointments ripple through trading floors and digital asset exchanges globally.