Investors Unconvinced by Trump Adviser's Trade Policy Clarity

Donald Trump’s top economic adviser, Stephen Miran, held a private meeting with leading investors at the White House’s Eisenhower building to discuss the president’s trade policies. This meeting came in the wake of significant market unrest triggered by Trump’s recent tariff announcements.

The investors, who included representatives from major financial institutions, found Miran’s responses to be unclear and unconvincing. Many attendees, including experienced hedge fund managers, felt that Miran was unprepared for the technical questions posed during the session. One participant noted that "the talking points fell apart quickly," indicating a lack of clarity and conviction in Miran’s explanations.

Despite some optimism about the administration’s tax and deregulation strategies, most investors left the meeting unconvinced about the direction of the trade policies. The tariff announcement on April 2 had sent bond prices down and pushed 10-year Treasury yields to 4.59% before they eased to 4.17% after a 90-day pause on the tariffs.

Miran reiterated the administration’s stance that tariffs are primarily aimed at other countries rather than US consumers, although he acknowledged that they were not designed to raise money, despite the potential for extra revenue. His past proposals, such as weakening the dollar and asking foreign countries to fund US defense in exchange for protection, had previously unsettled investors.

Miran has since appeared to distance himself from these earlier views, according to sources close to the situation. One insider described his current position as a "full-scale retreat," suggesting a significant shift in his stance on economic policies.