US CONGRESS BUDGET OFFICE SEES ECONOMIC OUTPUT FALLING FROM TRUMP TARIFFS

U.S. economic output will fall as a result of President Donald Trump's new tariffs on foreign goods that were in place as of May 13, while also reducing federal budget deficits by $2.8 trillion over a decade, the non-partisan Congressional Budget Office said on Wednesday.

In a letter to Senate Democratic Leader Chuck Schumer and two other high-ranking Democrats, the CBO said the tariffs, which have been challenged in court cases, will raise the costs of consumer and capital goods.

Learn More