CBO Chief Says Tariff Changes May Boost Deficit $1.1 Trillion

Recent shifts in US tariff policy may add $1.1 trillion to federal budget deficits over a 10-year period, though exact calculations aren’t yet possible, according to the director of the nonpartisan Congressional Budget Office.

“We haven’t gotten to a point at which we’re comfortable making that kind of long term” estimate, CBO Director Phillip Swagel said in an interview with Bloomberg Television Monday.

The Supreme Court’s decision striking down President Donald Trump’s ability to impose tariffs using emergency economic powers on its own adds $2 trillion to deficits over a decade, Swagel said. Trump’s moves so far to replace ...