The Congressional Budget Office released an analysis of the impact of President Trump’s tariffs. It projects current policies would reduce the deficit by $2.8 trillion over the next decade, but raise inflation and shrink the size of the economy.

President Trump's 50% tariffs on foreign steel and aluminum took effect Wednesday. Meanwhile, Mr. Trump is expecting to speak with Chinese President Xi Jinping later this week about trade. CBS News MoneyWatch correspondent Kelly O'Grady breaks down the latest economic data,

In the aftermath of steel and aluminum tariffs during Trump's first term, major appliances showed price increases of between 5% and 10% between June 2018 and April 2019, Jason Miller, a professor of supply chain management at Michigan State University, previously told ABC News, citing a monthly government data release.

President Trump has officially hiked tariffs on aluminum and steel to 50% – despite growing warnings that his aggressive trade tactics could sharply curb U.S. growth and drive inflation higher. Charlotte Howard and Dan Nathan discuss on The 11th Hour.