President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall.

Actually using import taxes – tariffs – to finance a big chunk of the federal government would be a painful and perilous undertaking, budget wonks say.

Economic growth will slow this year and next as the trade war hampers development in the United States and around the world, the Organization for Economic Cooperation and Development said.