US EditionPublished • loading... • Updated
CBO Says Foreign Companies Could Pick up some Tariff Costs
The Congressional Budget Office reports tariff-driven deficit cuts of $3 trillion over the next decade, $1 trillion less than previously forecast due to lower-than-expected tariff revenues.
- On Thursday, the Congressional Budget Office said the U.S. tariffs placed between January 6 and November 15 will cut primary deficits by $2.5 trillion over the next decade, $1 trillion less than earlier estimates.
- New collection data and rate cuts prompted a revision restoring the June projection after the August revision, reflecting tariff collection data and rate reductions for China and some food products.
- CBO calculations show the deficit as share of GDP fell from 6.3% in fiscal 2024 to 5.9% in fiscal 2025, a 0.4 percentage point drop, while fiscal-year accounting shows the deficit did not fall by 25%.
- Taking a trillion dollars off the table may complicate funding for President Donald Trump's $2,000 tariff dividend checks, which Senate Republicans oppose and a Supreme Court legal challenge could undercut.
Insights by Ground AI
51 Articles
51 Articles
CBO says foreign companies could pick up some tariff costs
(The Center Square) – The Congressional Budget Office slashed its tariff revenue forecast to reflect new data on the highest import duties the U.S. has seen in nearly a century. The CBO, which Congress created to help evaluate economic and budgetary policies, said the new projections show tariff changes will reduce deficits by $3 trillion over the next decade. That’s down from the CBO’s earlier estimate of $4 trillion in August. The latest updat…
·Washington, United States
Read Full Article
Coverage Details
Total News Sources51
Leaning Left7Leaning Right8Center9Last UpdatedBias Distribution38% Center
Bias Distribution
- 38% of the sources are Center
38% Center
L 29%
C 38%
R 33%
Factuality
To view factuality data please Upgrade to Premium
