The Congressional Budget Office delivered a double shot of projections for the fiscal outlook Wednesday, finding that the Trump administration's signature tax bill would widen deficits, while tariffs would narrow the fiscal gap.

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.

Trump's controversial tariff policies will shrink the size of the US economy and lead to rising inflation according to a recent report from the nonpartisan CBO.