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.
Italian Prime Minister Giorgia Meloni said on Saturday (17 January) that concerns over security in Greenland should be addressed within the framework of NATO, describing a ground military intervention as highly unlikely.
Ashley St. Clair, mother of one of Elon Musk’s children, has filed a lawsuit against Musk’s company xAI, alleging that its AI tool Grok generated explicit images of her, including one portraying her as underage.
Egypt and Sudan have welcomed an offer by U.S. President Donald Trump to restart mediation with Ethiopia in a bid to resolve the long-running dispute over Nile River water sharing.
Elon Musk is seeking up to $134 billion from OpenAI and Microsoft, arguing that the companies profited unfairly from his early support of the artificial intelligence firm, according to a court filing made public on Friday.
Lithuanian prosecutors have charged six foreign nationals with terrorism over an alleged plot to attack a private military supplier providing aid to Ukraine.
The European Union faced calls to implement a range of economic countermeasures in response to U.S. President Donald Trump’s plans to impose tariffs on eight European countries in connection with Greenland.
Six people have been killed after a massive fire tore through a shopping centre in Pakistan’s largest city, Karachi, authorities said, as firefighters battled through the night to contain the blaze.
The world is entering a more unstable and fragmented phase as global cooperation declines and rivalry between major powers intensifies, the World Economic Forum has warned.
The Trump administration has denied a report that countries would be required to pay $1bn to join a proposed U.S.-backed peace initiative, after Bloomberg News said a draft charter set out a membership fee.
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