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.
Two earthquakes centered in Cyprus on Wednesday were felt across northern and central regions of Israel, raising concerns among residents in both countries. The first tremor occurred at 11:31 a.m., with the epicenter near Paphos, Cyprus, at a depth of 21 kilometers.
MrBeast, the world’s most popular YouTuber, has officially launched his first theme park, Beast Land, in Riyadh, Saudi Arabia.
Russia’s Foreign Minister Sergei Lavrov has urged the U.S. to avoid actions that could intensify the war in Ukraine, citing President Donald Trump’s past support for dialogue.
Iran is facing its worst water crisis in decades, with officials warning that Tehran, home to over 10 million people, could become uninhabitable if the ongoing drought persists.
Audi has unveiled the car that marks its first major step into Formula One. It presented the 2026 challenger at a launch event in Munich attended by drivers, team leaders and senior company executives.
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Dozens of Indigenous protesters blocked the front of the COP30 summit venue in Brazil on Friday morning, staging a sit-in that forced delegates to use a side entrance to resume their negotiations on tackling climate change.
French President Emmanuel Macron will host Ukraine's President Volodymyr Zelenskyy in Paris on 17 November to reaffirm France's long-term support for Ukraine, Macron's office said on Friday.
A Ukrainian drone attack early on Friday damaged a docked ship, apartment buildings and an oil depot in the Russian Black Sea port of Novorossiysk, a key outlet for Russian oil exports, injuring three of the vessel's crew members, Russian officials said.
The U.S. and South Korea revealed the details of a significant trade agreement on Friday, which includes a $150 billion investment from South Korea in the American shipbuilding sector and an additional $200 billion to be allocated across various industrial sectors.
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