The Congressional Budget Office (CBO) stunned Washington with its projection that Donald Trump’s sweeping new tariffs could slash the U.S. deficit by $4 trillion over the next decade. But economist Justin Wolfers of the University of Michigan dismissed the forecast, warning there’s “close to no chance” tariffs will remain in place until 2035. He argued the costs won’t be borne by foreign companies, as Trump promised, but by Americans themselves—through higher prices passed on by importers like Best Buy.
Key takeaways: Tariff Claim
- Tariffs are effectively a tax, not a “windfall.”
- American companies pay upfront, then raise consumer prices.
- Foreign suppliers haven’t lowered prices to absorb tariffs.
- Burden shifts from rich (via income taxes) to middle/working class.
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