President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall.

The CBO analysis says Trump's tariffs over the next decade would reduce deficits by $2.8 trillion while also curbing economic growth by 0.6 percent.

President Donald Trump’s turbulent tariffs are projected to cause a sharper slowdown in economic growth in the U.S. than expected.

President Donald Trump is using his love of tariffs to threaten high-profile American companies. Over the past month, Trump has said he’d like to target two specific and very different companies — Apple and Mattel — with tariffs aimed at their key products over comments by their CEOs.