CEA Chairman Steve Miran Hudson Institute Event Remarks

April 7, 2025

Briefings & Statements

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Action Summary

Global Public Goods: Emphasizes the U.S. role in providing a security umbrella and maintaining the dollar as the global reserve currency, essential for global peace and prosperity.
Domestic Costs and Trade Deficits: Highlights the heavy financial burden on American taxpayers and workers, citing persistent trade deficits that have hurt the manufacturing sector and working-class communities.
Rebalancing U.S. Commitments: Outlines the Trump Administration’s commitment to reorient defense and trading relationships—rebuilding the industrial base and insisting on fairer trade terms to shift costs onto beneficiaries.
Burden Sharing Proposals: Proposes mechanisms such as:
- Tariffs without Retaliation: Imposing tariffs on foreign exports to raise revenue and compel fair trade practices.
- Market Access and Investment: Encouraging other nations to open their markets, increase U.S. procurement, invest in U.S. manufacturing, or make direct fiscal contributions.
Tariff Strategy and Economic Impact: Argues that tariffs can correct currency distortions, shift the economic burden onto trading partners, finance domestic tax cuts and deficit reduction, and ultimately boost U.S. competitiveness.
Strategic Imperative: Stresses that without improved burden sharing and a rebuilt manufacturing base, the U.S. risks weakening its military and financial dominance, undermining its ability to provide these global public goods.

Risks & Considerations

The emphasis on reorienting defense and trading relationships to prioritize American interests could lead to increased tariffs and trade barriers. This may result in retaliatory measures from other countries, potentially affecting international collaborations and partnerships that Vanderbilt University may have.
The focus on rebuilding the U.S. industrial base and reducing reliance on foreign manufacturing could impact research collaborations and funding opportunities, particularly those involving international partners or relying on global supply chains.
Changes in trade policies and tariffs could affect the cost and availability of imported research materials and equipment, potentially increasing operational costs for university research programs.
The potential for increased tariffs and trade barriers may also impact the university’s ability to attract international students and faculty, as geopolitical tensions could influence visa policies and international mobility.

Impacted Programs

Vanderbilt’s International Programs may need to reassess their strategies and partnerships in light of potential changes in trade and defense policies that could affect international collaborations.
The Office of Research might need to explore alternative sources of funding and partnerships, particularly if international collaborations become more challenging due to geopolitical tensions.
Vanderbilt’s Engineering and Technology Programs could see increased demand for expertise in domestic manufacturing and supply chain resilience, presenting opportunities for research and development in these areas.
The Office of Global Safety and Security may need to enhance its monitoring of geopolitical developments to ensure the safety and security of students and faculty involved in international activities.

Financial Impact

The potential for increased tariffs and trade barriers could lead to higher costs for imported research materials and equipment, impacting the financial planning and budgeting of university research programs.
Changes in trade policies may affect the university’s ability to secure international funding and partnerships, necessitating adjustments in grant application strategies and collaborations.
Vanderbilt University might experience shifts in its student demographics, particularly if international student enrollment is affected by changes in visa policies and geopolitical tensions, potentially impacting tuition revenue and financial aid distribution.
There may be opportunities for Vanderbilt to secure funding for research and development in domestic manufacturing and supply chain resilience, particularly through collaborations with federal agencies focused on rebuilding the U.S. industrial base.

Relevance Score: 4 (The policies present a need for potential major changes or transformations of programs and international collaborations.)

Key Actions

Vanderbilt’s Economic Research Department should conduct in-depth studies on the impact of U.S. trade policies and tariffs on global economic dynamics. This research can provide valuable insights into how these policies affect international trade relations and economic stability, positioning Vanderbilt as a thought leader in economic policy analysis.
The Office of Federal Relations should engage with policymakers to understand the implications of new trade policies and tariffs on the university’s international collaborations and partnerships. By staying informed, Vanderbilt can adapt its strategies to maintain and strengthen its global academic and research connections.
Vanderbilt’s Business School should explore opportunities to develop programs and courses focused on international trade, tariffs, and economic policy. This will equip students with the knowledge and skills needed to navigate the complexities of global trade and economic policy changes.
The Center for International Studies should assess the potential impact of trade policy changes on international student enrollment and collaborations. By understanding these shifts, Vanderbilt can develop strategies to attract and support a diverse student body and maintain its global presence.

Opportunities

The emphasis on rebuilding the U.S. manufacturing sector presents an opportunity for Vanderbilt’s Engineering School to engage in research and development of advanced manufacturing technologies. By collaborating with industry partners, the school can contribute to innovations that support the revitalization of American manufacturing.
Vanderbilt can capitalize on the focus on economic growth and dynamism by developing partnerships with businesses and industries affected by trade policies. These collaborations can lead to joint research initiatives, internships, and job opportunities for students, enhancing Vanderbilt’s role in economic development.
The university can position itself as a leader in the national conversation on trade and economic policy by hosting conferences, workshops, and public forums. These events can facilitate discussions on the implications of trade policies and tariffs, further establishing Vanderbilt as a hub for innovative economic thought and practice.

Relevance Score: 4 (The executive order presents potential for major process changes required for Vanderbilt’s programs due to impacts on international trade and economic policies.)

Average Relevance Score: 2.4

Timeline for Implementation

N/A

There are no specific deadlines or timelines mentioned for the implementation of these directives, as the speech outlines strategic policy directions rather than enforceable timelines.

Relevance Score: 1

Impacted Government Organizations

Department of Defense (DoD): The speech emphasizes the U.S. security umbrella provided by our military and the importance of robust defense capabilities to underpin global public goods, directly impacting DoD priorities and resource allocations.
Department of the Treasury: The discussion on the role of the dollar as the world’s reserve currency, Treasury securities, and the financing of trade deficits and tariffs clearly implicates the Treasury in managing the financial framework behind these policies.
Office of the U.S. Trade Representative (USTR): The focus on implementing tariffs and reorienting trade policies to rebuild the industrial base suggests an expanded role for USTR in negotiating and enforcing trade relations and tariff measures.

Relevance Score: 2 (A few key Federal Agencies are directly impacted by the strategic directives in the speech.)

Responsible Officials

N/A – No specific directives or implementation instructions targeting particular officials are provided in the text.

Relevance Score: 1 (The text contains policy discussion and recommendations without assigning directives to specific government officials.)