Trump Advisers Dismiss Tariff-Inflation Link as CPI Data Shows Moderate Price Increases

Steven Miran, chair of the WHITE House Council of Economic Advisers, and former St. Louis Fed President James Bullard rejected claims that Trump-era tariffs are fueling persistent inflation. Their remarks follow July's Consumer Price Index report showing a 2.7% annual increase—above the Fed's target but below market expectations.

"No evidence whatsoever of tariff-induced inflation," Miran stated, dismissing warnings from economists outside the administration. The data undercuts arguments that trade duties WOULD trigger lasting price spikes, aligning with the administration's view that inflation remains contained.

Bullard, a potential candidate to replace Fed Chair Jerome Powell in 2026, avoided explicit rate policy commitments but echoed the White House's tempered inflation outlook. Both appointees' positions reinforce the administration's narrative as it navigates economic policy ahead of the election cycle.