Higher trade barriers, including President Donald Trump's tariffs, are slow...
WASHINGTON - Higher trade barriers, including President Donald Trump’s tariffs, are slowing the U.S. economy and cutting household income, congressional budget experts warned on Wednesday, as Trump heads toward a 2020 election showdown with Democrats.
CBO also projected a deeper federal deficit of $960 billion for fiscal year 2019, which ends on Sept. 30, due in part to higher government spending. The deficit is projected to top $1 trillion next year and average $1.2 trillion between fiscal years 2020 and 2029. The projected impact of Trump’s trade policy contradicts White House claims that the U.S. trade war with China has had no damaging effect on the U.S. economy.“Our Economy is sooo strong, sorry!” Trump said on Wednesday in a series of tweets that blamed recession fears on the “Fake News LameStream” media while pressuring the Federal Reserve to boost growth by cutting interest rates.
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