CBO Analysis of the 'Budgetary and Economic Effects of Increases in Tariffs' Imposed by President Trump

CBO analysis of the 'Budgetary and Economic Effects of Increases in Tariffs' imposed by President Trump

Wednesday, June 4, 2025 June 4 analysis   Weight: -20

Trump tariffs would slash federal deficit by $2.8T if kept in place for 10 years: CBO

Trump's tariffs would also reduce the size of the US economy by about 0.06 percentage points per year on average and cause a 0.4% spike in total inflation for 2025 and 2026, the CBO noted.

Amendment to Imports of Aluminum and Steel Increases 232 Tariffs to 50%

On June 3, 2025, President Trump issued a Proclamation (“the Proclamation”) increasing the Section 232 duties  on imports of aluminum and steel from 25% to 50%. The Proclamation states that the previously imposed steel and aluminum tariffs “have not yet enabled these industries to develop and maintain the rates of capacity production utilization that are necessary for the industries’ sustained health and for projected national defense needs.”  T…

50% Tariffs on Steel, Aluminum and Derivatives U.S. Imports Effective June 4, 2025 - GHY International

Effective June 4, 2025, the United States will double Section 232 tariffs on steel and aluminum imports—from 25% to 50%—under a new presidential proclamation. While the U.K. will retain the 25% rate through July 9, the Commerce Secretary may later impose quotas or increase duties if the U.K. fails to meet its commitments under the U.S.-U.K. Economic Prosperity Deal. The updated guidance also introduces content-based duty assessments, new Chapter…