The Congressional Budget Office (CBO) said Friday that continued global tariff hikes imposed by President Donald Trump could shrink the national deficit by $4 trillion over the next ten years.
According to the nonpartisan agency, higher tariff revenues could cut primary deficits by $3.3 trillion and reduce federal interest payments by $0.7 trillion.
However, the current top tariff rates may change as trade negotiations and international legal challenges continue. The additional revenue could offset deficit growth triggered by the recent Republican tax-cut and spending bill, which CBO estimates would add $3.4 trillion to the deficit over the next decade.
The U.S. federal debt currently stands at $37.18 trillion, continuing to rise under both Republican and Democratic administrations as Congress authorises more spending than revenue. Lawmakers face a government funding deadline at the end of September, or risk a shutdown.
The latest estimate is higher than CBO’s June projection, which forecast a $2.5 trillion reduction in primary deficits and a $500 billion cut in interest outlays.
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The Congressional Budget Office (CBO) said Friday that continued global tariff hikes imposed by President Donald Trump could shrink the national defic...
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President Donald Trump said he has American buyers ready for TikTok and could extend ByteDance’s divestment deadline, emphasizing he has no privacy or security concerns.
On Friday, Canada is set to announce the removal of numerous retaliatory tariffs on American goods as a goodwill gesture to re-energise trade talks with Washington, a source told reporters.
The U.S. National Guard has been deployed across Washington, D.C. following President Donald Trump’s declaration of a public safety emergency, as federal authorities continue efforts to reduce crime and secure the capital.
Indian Prime Minister Narendra Modi is expected to visit the United States next month to attend the United Nations General Assembly, where he may hold talks with President Donald Trump, according to the Indian Express.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
Honduras has brought back mask mandates as COVID-19 cases and a new variant surge nationwide.
Kuwait says oil prices will likely stay below $72 per barrel as OPEC monitors global supply trends and U.S. policy signals. The remarks come during market uncertainty fueled by new U.S. tariffs on India and possible sanctions on Russia.
California and Denmark have joined forces to boost green economy resilience and innovation, with Governor Gavin Newsom and Danish officials signing a key agreement in San Francisco.
U.S. President Donald Trump says he will decide within two weeks whether to impose sanctions or tariffs on Russia, as he monitors progress toward ending the war in Ukraine.
Rwanda on Friday denied claims that M23 rebels, allegedly supported by Kigali, massacred hundreds of civilians in eastern Democratic Republic of Congo, calling the accusations “unfounded” and lacking credible evidence.
Iranian Foreign Minister Abbas Araqchi and his French, British and German counterparts agreed on Friday to restart negotiations next week on nuclear and sanctions issues, according to Iranian state media.
Ukrainian President Volodymyr Zelenskyy accused Russia on Friday of obstructing plans for a summit with Vladimir Putin, while security guarantees for Ukraine remain under discussion with NATO allies.
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