On December 18, 2024, the Congressional Budget Office (CBO) released a preliminary analysis of the impact of proposed import taxes titled “Effects of Illustrative Policies That Would Increase Tariffs.” CBO analyzed the potential impacts of three hypothetical tariff policies in response to a request from then-Senate Majority Leader Chuck Schumer (D-NY), then-Finance Committee Chair Ron Wyden (D-OR), and then-Budget Committee Chair Sheldon Whitehouse (D-RI): A uniform 10% increase in tariffs on...