As you rightly say, given that (as I understand it) the US dollar is the global reserve currency, our annual balance of payments is. almost by definition, zero. The BOP term is more applicable to countries in some kind of currency distress (which may be caused by long-term financial problems) and is a phenomenon more prevalent among developing countries.
Expect there to be a suit filed on which prominent economists will surely file amicus briefs explaining the term. This new global tariff is almost certain to get knocked down in the courts and we all know Congress has zero appetite to extend them beyond the 150-day term they're allowed.
SCOTUS gave Trump & GOP elected officials / candidates a great gift on Friday. Talk about looking a gift horse in the mouth and insisting on shooting yourself in the foot, but I for one am happier for it.
Kind of hilarious that Trump is making the same mistake again. Tragicomic, I guess, is more like it. These goes into effect one minute into February 24, I wonder if the first lawsuit will be filed one minute later.
Paul Krugman put out an explainer video on "balance of payments" this morning... https://www.youtube.com/watch?v=VY6dZSseUY0
As you rightly say, given that (as I understand it) the US dollar is the global reserve currency, our annual balance of payments is. almost by definition, zero. The BOP term is more applicable to countries in some kind of currency distress (which may be caused by long-term financial problems) and is a phenomenon more prevalent among developing countries.
Expect there to be a suit filed on which prominent economists will surely file amicus briefs explaining the term. This new global tariff is almost certain to get knocked down in the courts and we all know Congress has zero appetite to extend them beyond the 150-day term they're allowed.
SCOTUS gave Trump & GOP elected officials / candidates a great gift on Friday. Talk about looking a gift horse in the mouth and insisting on shooting yourself in the foot, but I for one am happier for it.
Kind of hilarious that Trump is making the same mistake again. Tragicomic, I guess, is more like it. These goes into effect one minute into February 24, I wonder if the first lawsuit will be filed one minute later.
Haven't watched Krugman but good tip, I will!