Tariffs Will Reduce US Deficits by $1 Trillion Less Than Previous Estimate: Congressional Budget Office

Shipping containers to be transferred from the port of Long Beach, Calif., on Oct. 14, 2021. John Fredricks/The Epoch TimesPresident Donald Trump’s global tariffs on imports from other nations will lower U.S. deficits by $3 trillion if they are kept in place through 2035—a decrease from a $4 trillion estimate in August, the non-partisan Congressional Budget Office (CBO) announced on Nov. 20.The CBO said its estimates are based on tariffs implemented between Jan. 6 and Nov. 15, which are set to lower primary deficits by $2.5 trillion if they’re maintained for 11 years. Government borrowing costs should also fall by roughly $500 billion as a result.