It Could Happen Here The Fake Crisis Behind Trump's Tariffs
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Mar 12, 2026 They unpack the legal fight over tariff authority and why a major law was rejected. They follow Trump’s use of Section 122 to impose global tariffs and the limits that make that move vulnerable. They explain the balance of payments with simple analogies and why a modern U.S. payments crisis is unlikely. They trace the dollar’s reserve role and a historical anecdote about securing national gold.
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Why Trump Switched To Section 122 Tariffs
- Section 122 lets the president impose a temporary up-to-15% worldwide surcharge for up to 150 days.
- Mia Wong explains Trump moved from IEPA authority to Section 122, which is narrower and triggers congressional review.
Prepare For Courts And Congress To Stop These Tariffs
- Expect legal challenges and congressional fights over the 10% tariffs because Section 122 has never been used.
- Mia warns these tariffs are likely to be overturned since the statute targets specific payment crises.
Balance Of Payments Always Balances Because It Records Both Sides
- Balance of payments records every cross-border transaction and always balances because it records both goods and the money that pays for them.
- Mia uses a burger receipt and explains current and capital accounts cancel out in accounting terms.