President Donald Trump’s tariff policies in effect as of mid-May would help to shrink US fiscal deficits by an estimated $2.8 trillion, according to the nonpartisan Congressional Budget Office.

The United States doubled tariffs on steel and aluminium imports on Wednesday, activating a hike in the duties on the imported metals to 50% from the 25% rate introduced in March. The day also marks the Trump administration’s deadline for trading partners to submit their “best offers” to avoid further steep import duties set to take effect in early July.

The OECD said President Donald Trump's tariffs are hitting economic growth in the US and globally too, and warned of consequences for jobs and incomes.