CA, US & World
U.S. National Debt Tops $40 Trillion as Trump Pushes Tariffs and Interest Rate Cuts
The U.S. national debt has surpassed $40 trillion for the first time, according to the U.S. Treasury Department, marking a major milestone for the American economy.
The total debt has more than doubled over the past decade, with roughly $8 trillion added during both President Biden's administration and President Trump's first term. Much of the borrowing during that period was tied to the federal government's response to the COVID-19 pandemic.
The White House says the administration is focused on reducing waste, fraud and abuse in federal spending while accelerating economic growth and lowering inflation.
President Trump also continued his calls for lower interest rates, saying Wednesday that the country is "powering through" what he described as excessive borrowing costs.
At the same time, Trump is threatening additional economic pressure against Iran. He said countries that help Iran evade U.S. sanctions could face what he described as "tremendous economic consequences."
The president also temporarily paused a planned 50% tariff on Canadian goods, excluding oil, gas and critical minerals. Trump said the tariffs have been delayed until midnight Friday while the United States and Canada work to finalize a new trade agreement.
"I delayed it at the request of Canada for three days so we can iron out the details," Trump said.
Canadian negotiators said they were working to finalize the agreement's text.
The developments come as the administration continues to use tariffs and other economic measures as part of its broader trade and foreign policy strategy.
In Washington, Alice Barr, NBC News.
By: NBC Palm Springs
August 20, 2026
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