Andy McCarthy is right on the money, literally, in his post today. He argues that the new 10 percent global tariff Trump is imposing under Section 122 of the 1974 Trade Act is flatly illegal. The law authorizes limited duties only "to deal with large and serious United States balance-of-payments deficits."

The "balance of payments" includes, but is not the same as, the balance of trade. Rather, it is a comprehensive measure of all economic transactions between America's residents and the rest of the world. This includes transactions not only related to imports and exports, but also direct investments, loans, and asset ...

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