CBO says foreign companies could pick up some tariff costs

(The Center Square) – The Congressional Budget Office slashed its tariff revenue forecast to reflect new data on the highest import duties the U.S. has seen in nearly a century.

The CBO, which Congress created to help evaluate economic and budgetary policies, said the new projections show tariff changes will reduce deficits by $3 trillion over the next decade. That’s down from the CBO’s earlier estimate of $4 trillion in August.