The U.S. has a large and negative balance of trade, and the proclamation equates that with the balance of payments. But the balance of payments includes all financial transactions, not just trade in goods. The U.S. was also at a transition point in its trade balance, shifting from years of surpluses to the beginning of deficits in the early 1970s. Even after a year of Trump’s tariffs, the U.S. trade deficit is completely normal. The statute says that import restrictions must be “broad and uniform,” but Trump’s proclamation comes with 76 pages of exceptions.

Source: Washington Post February 25, 2026 05:40 UTC