CBO: New tariffs will trim deficits – but increase inflation, lower GDP growth

The Trump administration’s slew of new tariffs will raise federal revenues and reduce deficits, but they come with an economic cost in the form of higher prices and inflation as well as reduced GDP growth, the Congressional Budget Office said on Wednesday. In a June 4 letter to Senate Minority Leader Chuck Schumer (D-NY), Senate Finance Committee ranking member Ron Wyden (D-OR) and Senate Budget Committee ranking member Jeff Merkley (D-OR), responding to their request for CBO to assess the...