Donald Trump

What Is a Balance-of-Payments Deficit?

President Trump’s new tariffs were imposed under Section 122 of the Trade Act of 1974, which allows temporary import restrictions when the United States faces “fundamental international payments problems.”

Cranes and container ships at the Port of Long Beach in Long Beach, California, US, on Fri

Illinois Gov. J.B. Pritzker Demands $8.6B in Tariff Refunds from Trump

Illinois Governor JB Pritzker speaks to the press following a visit to the National Museum of Mexican Art in the Pilsen neighborhood on September 09, 2025 in Chicago, Illinois. Pritzker addressed the Trump Administration’s Operation Midway Blitz, a push by Homeland Security to arrest undocumented immigrants living in Chicago and the surrounding area. (Photo by Scott Olson/Getty Images)

Illinois Governor JB Pritzker speaks to the press following a visit to the National Museum