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The CBO is now projecting that tariffs will reduce the deficit by $4 trillion over the next 10 years.
This is $1 trillion more than what was projected in June.
By the numbers: CBO director Phillip Swagel, in a blog post, said tariff revenue would reduce primary deficits by $3.3 trillion, and cut the need for interest payments on borrowings by $700 billion, for a total $4 trillion reduction through 2035.
In June, the CBO projected a total reduction of $3 trillion over the next 10 years; the scope and scale of tariffs have only increased since then.
The big picture: Tariffs have generated so much revenue, so quickly, that even skeptics concede it may now be hard to move away from them without finding another source of income.
“Although there are many legitimate concerns over the tariffs – including their impact on the economy and the level of uncertainty they are creating – policymakers should not repeal them without an adequate replacement for the revenue loss,” the Committee for a Responsible Federal Budget wrote earlier this month.
Donald Trump responded to the news by saying, “I am pleased to announce that the Radical Left Representatives working at the Congressional Budget Office (CBO) have now admitted how incredible my Tariff strategy has been, saying that, Trump’s Tariffs reduce the deficit by $4 Trillion Dollars.”
I am pleased to announce that the Radical Left Representatives working at the Congressional Budget Office (CBO) have now admitted how incredible my Tariff strategy has been, saying that, “Trump’s Tariffs reduce the deficit by $4 Trillion Dollars.” When I began my Tariff policy suggestions, they refused to acknowledge the potential SUCCESS that would be derived. Deficits are DOWN, Taxes are DOWN, Energy is DOWN, Prices generally are DOWN, the only things that are UP are, Take Home Pay, the Stock Market, and our Country, which is the “HOTTEST” anywhere in the World. Thank you for your attention to this matter!
Trump’s tariff strategy is working!