WASHINGTON (AP) — President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall, according to an analysis released Wednesday by the Congressional Budget Office.

The president cited figures from the Congressional Budget Office to suggest tariffs could offset the cost of tax cuts, though he omitted important caveats for why that may not be the case.

Va., who is also on the Senate Budget Committee, about how President Trump's tariffs will affect the federal budget and the economy.

U.S. economic output will fall as a result of President Donald Trump's new tariffs on foreign goods that were in place as of May 13, while also reducing federal budget deficits by $2.8 trillion over a decade,

The CBO projects Trump's tariffs could reduce the deficit by $2.8 trillion while his tax bill would add $2.4 trillion, but experts from across the political spectrum question whether the tariff revenue is sustainable.

White House trade advisor Peter Navarro reacted to Elon Musk's criticisms of President Trump's tariffs as Mr. Trump and Musk's public feud continues. CBS News' Aaron Navarro has the latest from the White House,

Former presidential adviser and confidante Elon Musk escalated his growing feud with President Trump by saying the president’s tariffs would result in a recession later this year. “The Trump Tariffs will cause a recession in the second half of this year,

U.S. President Donald Trump is not interested in talking with Elon Musk, a White House official said on Friday, signaling the president and his former ally might not resolve their feud over a sweeping tax-cut bill any time soon.