Risks Abound If Trump Ties Tariffs to a Balance-of-Payments Crisis

Risks Abound If Trump Ties Tariffs to a Balance-of-Payments Crisis

Countries tend to avoid declaring they’re facing balance-of-payments problems, for good reason. They unnerve markets. They remind people of policy failures in places like Argentina, Greece or Thailand. They conjure up images of IMF technocrats flying in to enforce austerity regimes.