The Congressional Budget Office said that President Donald Trump’s tariff agenda would raise $2.8 trillion over the next decade.

The CBO analysis released Wednesday found that the tariff agenda, as implemented by Trump by executive action through May 13, if continued, would increase federal tax revenue by $2.8 trillion, a sizable amount.

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The $2.8 trillion figure is after accounting for how the tariff agenda would reduce the size of the U.S. economy, according to the nonpartisan congressional scorekeeper.

“Reductions in investment and productivity stemming from higher tariffs will be partially offset by increases in resources available for private investment resulting from the reduction in federal borrowing,” the report read. “CBO estimates that, on net, real (inflation-adjusted) economic output in the United States will fall as a result.”

The CBO analysis is particularly notable in the context of broader U.S. fiscal policy.

Also on Wednesday, the CBO released its much-anticipated analysis of the Republican reconciliation bill, the One Big Beautiful Bill Act. It found that the legislation would add $2.4 trillion to the national debt before accounting for growth, a steep price that has concerned some fiscal hawks.

If the tariff numbers are correct, it would mean that Trump’s tariff agenda would more than offset the tax cuts and spending bill and would result in a net $400 billion increase in federal tax revenue.

Trump is sure to tout the latest tariff analysis as proof that his trade agenda will help reduce deficits, and some congressional Republicans might also use the numbers as further fodder to argue that the reconciliation bill won’t worsen the government’s fiscal position.

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Still, Trump’s tariffs are facing scrutiny in the courts, and Trump could very well alter his tariff policy in response to countries making trade deals with the U.S., declines in the stock market, and other factors.

Also, Trump will only be in office for three and a half more years, and whoever takes over after him could change tariff policy.