Tariffs have changed frequently throughout 2025. CBO has regularly updated Congress about how those changes affect projected tariff revenues. This blog post is the latest in that series.
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CBO's Updated Projections of the Budgetary Effects of Tariffs as of November 15, 2025

Tariffs have changed frequently throughout 2025. CBO has regularly updated Congress about how those changes affect projected tariff revenues. This blog post is the latest in that series.

    

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