Trump Pegs New Tariffs to a Payments Crisis Experts Doubt Exists

With his move to impose new global tariffs, US President Donald Trump isn’t just trying to repair a trade policy dismantled by a Supreme Court rebuke. He’s also declaring the world’s largest economy is facing a profound balance-of-payments crisis.

The potential problem for Trump and his administration with that argument: Many economists — and financial markets so far — don’t see the US teetering on any such precipice. That means his latest import taxes seem likely to lead to yet another legal challenge and more uncertainty for trading partners, companies, consumers and investors.

To roll out a tariff of 10% ...