'Trade deficits distinct from BOP deficits': Gita Gopinath backs Neal Katyal on Trump’s 15% tariff move
Gita Gopinath, former IMF chief economist, supported Neal Katyal, an Indian-American lawyer, in his criticism of President Donald Trump's decision to impose a 15% global tariff. Katyal argued that trade deficits and balance-of-payments deficits are conceptually different and that the US Department of Justice previously stated Section 122 of the Trade Act of 1974 does not apply in situations driven by trade deficits. Katyal, who played a key role in a Supreme Court ruling striking down most of Trump's earlier tariffs, stressed that Congress has primary authority over taxation.
27 FEB 2026
— The Guardian
Despite President Trump's claims, inflation remains a significant concern for consumers, with tariffs implemented by his administration contributing to increased costs for goods and services.
— South China Morning Post
Analysts debate the impact of Trump's tariff setback on Chinese imports, with some predicting a surge and others suggesting stockpiling.
2 MAR 2026
— South China Morning Post
The USTR presented Donald Trump's 2026 Trade Policy Agenda to Congress, outlining a new approach to US-China trade relations focused on "managed" interactions.
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