Congressional Budget Office director Phillip Swagel said Monday that President Donald Trump's tariffs appear to have pushed inflation up higher than CBO analysts had initially expected.

His views differ from those of Wall Street analysts, many of whom have been bracing for tariff-driven price hikes, but have yet to see them in materialize.

Speaking on CNBC's "Squawk Box," Swagel said the CBO analysis shows the economy has weakened since January, which he would expect to exert downward pressure on inflation .

Swagel also shared his office's long-term view of the impact of Trump's tariffs: The CBO expects the levies to reduce the U.S. budget deficit by $4 trillion over the next decade by pouring money into the federal coffers.

"So $3.3 trillion of revenue and then $700 billion o

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