"CBO said all of the tariffs put in place between January 6 and November 15 would cut primary deficits by $2.5 trillion, if left in place through 2035."
"Lower deficits mean less borrowing, saving an estimated $500 billion in interest, bringing the total deficit reduction to $3 trillion."
"The fact of the matter is that President Trump is set to raise trillions in revenue for the federal government with tariffs - whose costs will ultimately be paid by the foreign exporters who are reliant on access to the American economy, the world's biggest and best consumer market, White House spokesman Kush Desai said in a statement."
The Congressional Budget Office estimates tariffs enacted between January 6 and November 15 would reduce primary deficits by $2.5 trillion if kept through 2035. Lower deficits would reduce government borrowing, saving about $500 billion in interest and bringing total deficit reduction to roughly $3 trillion. The projection restores a June estimate after a temporary August increase, driven by updated tariff collection data and several rate reductions, including for China and some food products. The CBO now estimates more than one-third of U.S. imports are unaffected by 2024 tariff changes. The White House says tariffs will raise trillions and that costs will be borne by foreign exporters; combined with spending cuts and faster growth, the administration says the measures will support the economy. President Trump has promised $2,000 tariff checks by mid-2026, a plan that may face resistance in Congress where many prefer using funds to reduce deficits.
Read at Axios
Unable to calculate read time
Collection
[
|
...
]