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Fed's Miran says data suggest foreigners are bearing tariff burden

ReutersFeb 9, 2026 8:31 PM

- Federal Reserve Governor Stephen Miran said Monday that tariff costs are not mainly borne by Americans, a view at odds with how many of his central bank colleagues view the issue.

Most of the tariffs will be covered by the exporter and not the importer,” Miran said at an appearance at the Boston University Questrom School of Business. “It's entirely inappropriate to say, to say that we can conclude from those data that…U.S. agents are bearing the burden of the tariff, because some of those companies are actually subsidiaries of foreign companies,” he said.

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