Hugh Hewitt: Free Traders Debt Hawks and Tariffs

Friday, August 29, 2025

The new report from the Congressional Budget Office is surprising, even stunning.

Yes: Questions always arise from “supply-siders” about the CBO scoring mechanism. Whatever the agency’s methodology, the new report on Trump’s tariffs ought to have received more attention:

Phillip Swagel—the CBO’s director wrote: “We project that increases in tariffs implemented during the period from January 6, 2025, to August 19, 2025 will decrease primary deficits …  by $3.3 trillion if the higher tariffs persist for the 2025‒2035 period.”

I’m well aware that there are plenty of skeptics on tariffs. Historically speaking, that would be me, too. But: Numbers are numbers and $4 trillion in deficit reduction means $4 trillion less in national debt.

Debt hawks out there who are also free traders should be taking note and adjusting.

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