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Trade woes to shave 0.3% from U.S. GDP by 2020: congressional budget experts
Higher trade barriers, including President Donald Trump’s tariffs, are taking a toll on the U.S. economy as rising domestic prices reduce consumers’ purchasing power and increase the cost of business investment, congressional budget experts said on Wednesday. Tariffs are also expected to reduce real income for the average U.S. household by 0.4 percent, the CBO said in an updated economic forecast. “Tariffs also affect business investment by increasing business’ uncertainty about future barriers to trade and thus their perceptions of risk associated with investment in the United States and abroad,” CBO ... (full story)