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.

The president cited figures from the Congressional Budget Office to suggest tariffs could offset the cost of tax cuts, though he omitted important caveats for why that may not be the case.

President Donald Trump said U.S. and Chinese teams will meet shortly after he and Chinese leader Xi Jinping discussed trade in a phone call on Thursday, adding that there "should no longer be any questions" on rare earth products.

China and the U.S. have agreed to more tariff talks amid a trade standoff and concerns over rare earths, President Donald Trump said Thursday after a call with China's leader. Trump and Chinese leader Xi Jinping spoke on Thursday at a time when stalled tariff negotiations between their two countries have roiled global trade.

News of the call came as new data showed U.S. goods imports dropped significantly in April as sweeping tariffs rolled out.