Nonpartisan Congressional Budget Office estimates that Trump’s tariffs would shrink the economy and add to inflation while reducing the federal deficit by $2.8 trillion.

U.S. economic growth is likely to "slow markedly" this year and next, due to tariffs and uncertainty under the Trump administration.

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.