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.
Ukraine is monitoring “unusual activity” along its border with Belarus, President Volodymyr Zelenskyy said in a video statement released on Saturday (2 May). He warned that Kyiv is ready to respond if necessary amid continued regional tensions linked to Russia’s war.
Hundreds of young people in South Korea have gathered in Seoul to take part in a city-backed “power nap contest”, aimed at drawing attention to the country’s chronic sleep deprivation.
Türkiye’s Vice President Cevdet Yılmaz is set to visit Armenia in early May to take part in the 8th European Political Community Summit, in what will be the highest-level Turkish visit to the country to date. Meanwhile, German Chancellor Friedrich Merz is reportedly expected to miss the forum.
China has moved to block U.S. sanctions on five of its oil refineries, in a fresh escalation of tensions over trade and energy policy.
U.S. President Donald Trump has said he will “soon be reviewing” a new 14-point proposal sent by Iran, casting doubt on the chances of a deal after Tehran called for security guarantees, an end to naval blockades and a halt to the war across the region, including in Lebanon.
Armenia is host to the 8th meeting of the European Political Community which opened in Yerevan on Monday (4 May). Prime Minister Nikol Pashinyan welcomed European Union leaders and heads of international organisations, including NATO Secretary General Mark Rutte.
European allies are stepping up efforts to meet military commitments following criticism from U.S. President Donald Trump, according to NATO Secretary General Mark Rutte.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 4th of May, covering the latest developments you need to know.
U.S. Secretary of State Marco Rubio is expected to travel to the Vatican and Italy this week for a series of meetings, according to Italian media reports, in a visit that comes amid strained relations between Washington and parts of Europe and heightened tensions involving Pope Leo XIV.
Ukraine has launched a new wave of drone strikes on Sunday (3 May) across Russia, hitting key infrastructure and causing casualties in several regions, officials on both sides said.
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