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Trump's Tariffs Could Slash Deficit Amid Shutdown Threat

8/24/2025

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Summary

Story summary

The Congressional Budget Office estimates President Trump's tariffs may lower the U.S. national deficit by $4 trillion in ten years.
A government funding deadline at the end of September poses a risk of a shutdown without passed spending bills.
Canada will lift retaliatory tariffs on several U.S. products from September 1, but will keep tariffs on steel, aluminum, and vehicles.

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Story summary

The Congressional Budget Office estimates President Trump's tariffs may lower the U.S. national deficit by $4 trillion in ten years.
A government funding deadline at the end of September poses a risk of a shutdown without passed spending bills.
Canada will lift retaliatory tariffs on several U.S. products from September 1, but will keep tariffs on steel, aluminum, and vehicles.