Watch CNBC's full interview with Council of Economic Advisers Chair Stephen Miran

Inflation and Tariffs - The White House Council of Economic Advisers found no evidence that tariffs are leading to significant price pressures for imported goods; instead, they observed the opposite trend in inflation data [2][3] - Since December, overall goods prices in the PCE data have increased by approximately 0.4%, while imported goods prices have decreased by about 0.1% [2] - Domestically produced goods have experienced more inflation than imported goods, further supporting the absence of tariff-driven inflation [4][6] - Despite concerns about future inflationary effects from tariffs, high-frequency data and academic research have not shown any sustained pattern of tariff-driven price pressures [7] - Volatility in inflation data is possible, but the long-run expectation is that foreign countries being tariffed will bear the burden [9][10] Economic Policy and Deficit - The administration's policies, including tax cuts, deregulation, and energy abundance, are projected to increase GDP by about 1% per year over 10 years, generating approximately $4 trillion in revenue [29] - Additional revenue is expected from tariffs ($3 trillion) and spending reductions ($1.5 trillion), contributing to an estimated $8.5 trillion to $11 trillion reduction in deficits over a 10-year period [29][30] - Reduced borrowing due to these savings is projected to lower interest expenses by about $1.5 trillion [30][31] - The "one big beautiful bill" aims to incentivize investment through full expensing on new factories, equipment, and R&D, allowing firms to choose investments based on market knowledge [24] - Government intervention in predicting consumer preferences and directing industrial policy is viewed as less effective than allowing market-driven investment decisions [22][23][24]