Trump's $1.7 trillion tariff loss will send national debt to $58 trillion by 2036, think tank says
Fortune • • nation
Key Points:
- The nonpartisan Committee for a Responsible Federal Budget (CRFB) found that the Supreme Court's decision to strike down tariffs imposed under the International Emergency Economic Powers Act (IEEPA) will increase the national debt to 125% of GDP ($58 trillion) by 2036, up from a baseline of 120% ($56 trillion).
- The Trump administration responded by imposing a 10% emergency tariff under Section 122 of the Trade Act of 1974, which would recover only about half of the lost IEEPA revenue; raising the rate to 15% improves recovery but still falls short of fully replacing the revenue.
- If made permanent, Section 122 tariffs at 10% would generate $925 billion through 203
