Story perspectives

Trump's Tariffs Could Slash U.S. Deficits by $3 Trillion

11/21/2025

Summary

Story summary

U.S. President Donald Trump’s tariffs could reduce the U.S. deficits by $3 trillion by 2035, according to the Congressional Budget Office (CBO) on November 20, 2025, down from a prior $4 trillion projection.
The estimate reflects tariffs imposed between January 6 and November 15.
The Congressional Budget Office also projects a $2.5 trillion reduction in primary deficits and a $500 billion decrease in government borrowing costs.
Some federal courts have challenged the tariffs’ legality, and the U.S. Supreme Court is reviewing the cases.
Critics argue that tariffs raise consumer prices.

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Story summary

U.S. President Donald Trump’s tariffs could reduce the U.S. deficits by $3 trillion by 2035, according to the Congressional Budget Office (CBO) on November 20, 2025, down from a prior $4 trillion projection.
The estimate reflects tariffs imposed between January 6 and November 15.
The Congressional Budget Office also projects a $2.5 trillion reduction in primary deficits and a $500 billion decrease in government borrowing costs.
Some federal courts have challenged the tariffs’ legality, and the U.S. Supreme Court is reviewing the cases.
Critics argue that tariffs raise consumer prices.