Investors Unimpressed After Trump Adviser’s Tariff Talk Falls Flat

Stephen Miran, Donald Trump’s top economic adviser, faced a tough crowd last week when he met with leading investors to discuss the president’s trade policies. The private meeting, held at the White House’s Eisenhower building, followed major market unrest sparked by Trump’s aggressive new tariffs.

Many attendees described Miran’s responses as unclear and unconvincing, with some saying he seemed unprepared for the deep, technical questions posed by experienced hedge fund managers. According to one participant, "the talking points fell apart quickly."

Representatives from big financial players such as Citadel, BlackRock, PGIM, and Citigroup attended the event, which aligned with the IMF’s spring gathering. Although some were more optimistic about the administration’s tax and deregulation strategies, most left the session unconvinced about its trade direction.

Trump’s tariff announcement on April 2 shook markets, sending bond prices down and pushing 10-year Treasury yields to 4.59% before they eased to 4.17% after a 90-day pause on the tariffs. Investors remain wary, despite Treasury Secretary Scott Bessent later suggesting a US-China deal was near, which helped calm equities.

Miran repeated the administration’s stance that tariffs target other countries more than US consumers, while admitting they weren’t primarily designed to raise money, though extra revenue might result. His past proposals—including weakening the dollar and asking foreign countries to fund US defense in exchange for protection—have also unsettled investors.

He 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."

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