Why Trump’s Critics Are Wrong About “Balance of Payments” and Tariff Authority
The Trump administration’s use of Section 122 of the Trade Act of 1974 to impose temporary tariffs has drawn sharp criticism from a gaggle of anti-Trump economists and self-styled trade experts. Former IMF chief economist Gita Gopinath argued on X that the United States doesn’t have a “balance of payments problem.” Others contend that balance-of-payments deficits are “impossible” under floating exchange rates, making the statute legally inoperative.
But the critics are wrong. The authority exists, it’s solid, and the administration knows it.
This isn’t a hasty…
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