President Donald J. Trump's tariffs will reduce total deficits by $4 trillion over the next decade, according to a new analysis from the Congressional Budget Office.
"The Congressional Budget Office projected that President Donald Trump's tariff agenda, if maintained, would decrease total deficits by up to $4 trillion over the next decade.
The CBO, Congress's nonpartisan scorekeeper, released the updated projections on Friday. The CBO found that the effective tariff rate for goods imported into the United States has increased by a notable 18 percentage points from last year.
If the stance is maintained for the next 10 years, primary deficits would fall by $3.3 trillion, the CBO said. The tariff revenue would also minimize the need for federal borrowing, and would result in $700 billion less spending on interest, driving total deficits down by $4 trillion."
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