Congressional Budget Office Weighs in on Tariffs

Congressional Budget Office Weighs in on Tariffs

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Tariff actions by the White House weigh on the economy and will continue to slow over the next four years according to the nonpartisan Congressional Budget Office. The prediction is consistent with one the agency offered in January.

Politico reports some of the negative impacts are expected to wane after 2020 as businesses adjust supply chains. At the same time, the CBO's update anticipates a net increase in government revenue that's primarily fueled by customs duties. Tariff revenue is expected to rise 70 percent, by $29 billion, in 2019 based on tariffs that are in effect as of July 25.

The report released this week, predicts the U.S. economy will expand 2.3 percent this year, then slow to an average 1.8 percent annual growth over the next decade.

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