President Trump's sweeping tariff plan would cut deficits by $2.8 trillion over 10 years while shrinking the economy, the nonpartisan Congressional Budget Office said.

The nonpartisan Congressional Budget Office handed Republicans a major political talking point Wednesday, with projections that showed the possibility for President Donald Trump’s tariffs to bring in more federal revenue than will be lost by his giant tax-cut plan.

The CBO analysis says Trump's tariffs over the next decade would reduce deficits by $2.8 trillion while also curbing economic growth by 0.6 percent.