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Section 122 only applies to balance of payment deficits which are not possible since the US is off the gold standard.
Link to tweet
Milton Friedman in 1967, explaining why a balance of payments deficit can only occur under a fixed exchange rate.
The US formally abandoned fixed exchange rates in March 1973.
There cannot be a balance of payments deficit now, by definition. Section 122 tariffs are illegal.
The US formally abandoned fixed exchange rates in March 1973.
There cannot be a balance of payments deficit now, by definition. Section 122 tariffs are illegal.
trump's new tariffs will fail
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