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Trump tariffs could cut deficit, reduce US economy, CBO says

( June 4, 2025, 23:17 GMT | Official Statement) -- MLex Summary: The Congressional Budget Office estimated that changes in tariffs by the Trump administration could cut the federal deficit by $3 trillion over the next decade, before taking into account the impact of the tariffs on the US economy. However, the CBO estimated that the tariffs — including anticipated retaliation by other countries — could result in a reduction in the US economy, and therefore a reduction in deficits of $2.8 billion in the 2025-2035 period. The CBO estimates were provided today in response to a request from Democratic Senators Chuck Schumer, Jeff Merkley and Ron Wyden.See attached document....

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