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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India’s foreign minister says trade talks with Washington are ongoing, but New Delhi must defend its key interests as U.S. tariffs loom.
Brazilian President Lula da Silva and French President Emmanuel Macron discussed U.S. tariffs and the Mercosur-EU trade deal in a phone call, aiming to finalise the long-awaited agreement by year-end.
The U.S. Commerce Department has expanded steel and aluminium tariffs on Tuesday, to include more than 400 products, aiming to protect domestic industries.
Brazil’s President Luiz Inacio Lula da Silva announced on Tuesday a $5.55 billion credit plan to support exporters affected by recent U.S. tariff hikes, with additional backing through government purchases expected.
There was a common theme in speeches at the World Economic Forum on Tuesday (20 January). China’s Vice-Premier, He Lifeng, warned that "tariffs and trade wars have no winners," while France's Emmanuel Macron, labelled "endless accumulation of new tariffs" from the U.S. "fundamentally unacceptable."
U.S. President Donald Trump said Washington would “work something out” with NATO allies on Tuesday, defending his approach to the alliance while renewing his push for U.S. control of Greenland amid rising tensions with Europe.
At the World Economic Forum’s “Defining Eurasia’s Economic Identity” panel on 20 January 2026, leaders from Azerbaijan, Armenia and Serbia discussed how the South Caucasus and wider Eurasian region can strengthen economic ties, peace and geopolitical stability amid shifting global influence.
The European Union has proposed new restrictions on exports of drone and missile-related technology to Iran, while preparing additional sanctions in response to what it described as Tehran’s "brutal suppression" of protesters.
Türkiye is closely monitoring developments in Syria and considers the country’s unity and territorial integrity vital for regional stability, President Recep Tayyip Erdoğan told President Donald Trump during a phone call on Tuesday, according to Türkiye’s Communications Directorate.
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NATO Secretary General Mark Rutte says the status of Greenland did not arise in his talks with U.S. President Donald Trump, as Trump stepped back from tariff threats and ruled out using force to take control of the territory.
Venezuelan oil exports under a flagship $2 billion supply deal with the U.S. reached about 7.8 million barrels on Wednesday, vessel-tracking data and documents from state-run PDVSA showed.
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