Americans will not be saddled with drastic long-term price increases due to President Donald Trump’s tariffs on U.S. trade partners, Council of Economic Advisors Chairman Stephen Miran told Newsmax on Friday.

Trump on Thursday night signed the order imposing new tariffs on 68 countries and the European Union.

The president’s critics have said the tariffs threaten to create new inflationary pressures and hamper economic growth.

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