Commerce Secretary Howard Lutnick asserted that tariffs will boost the US economy and help cover federal deficits, claiming $30 billion is collected monthly. However, projections from the Congressional Budget Office indicate that tariff revenues will not compensate for the substantial projected deficits from President Trump's tax-and-spending plan, expected to total $3.4 trillion over ten years. Despite increased tariffs under Trump's policies, experts disagree on their effectiveness in alleviating the deficit, which is predicted to reach $21.8 trillion in the same timeframe.
Howard Lutnick claims tariffs are generating nearly $30 billion monthly, arguing they will strengthen the US economy and pay off the federal deficit. However, projections show this revenue will not cover the estimated $3.4 trillion deficit from new tax-and-spending legislation over the next decade.
Experts, including Steve Ellis, president of Taxpayers for Common Sense, believe that the current tariffs will not sufficiently eliminate the government deficit, which is projected to reach $21.8 trillion over the next decade.
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