University of Michigan economists are forecasting the federal deficit will climb to a "level would be unprecedented outside of wars, the recent pandemic, and severe recession," under President-elect Trump's plan to usher in tax cuts and tariffs on China: https://lsa.umich.edu/content/dam/econ-assets/Econdocs/RSQE%20PDFs/UM_RSQE_US_Forecast_Nov24.pdf