The Congressional Budget Office is out with new estimates around the President’s tariff plan.
They now say tariffs will reduce the deficit by more than $2 trillion, but the new report comes with a catch. The Office says those savings will be negated by the cost of the President’s “Big, Beautiful Bill,” which is currently in the hands of the Senate. CBO estimates now show that tariffs will save the U.S. around $2.5 trillion over the next decade, along with shrinking the size of the U.S. economy.
The overall tariff rate right now on most countries stand between 10 and 15 percent.
Related Stories
Michigan corn farmer and NCGA Vice President-Elect Matt Frostic will lead the task force. He joined us on Thursday to share his insights on the escalating corn crisis.
Speaking about his administration’s tariff strategy, Trump acknowledged that producers could face financial strain in the short term but promised stopgap support.
U.S. soybean farmers are growing increasingly frustrated by Argentina’s gains in Chinese grain contracts and Trump’s pledge of economic support for the South American ally.
The USDA is moving to close the farm trade gap through promotion, missions, and stronger export financing.
The three-point plan was announced during remarks at the annual meeting of the National Association of State Departments of Agriculture.
Higher tariffs may shield some U.S. crops but risk retaliation, lost markets, and higher costs for growers. The WTO disputes highlight the fragile balance between trade policy, farm exports, and input supply chains.
