The writer is the Gregory and Ania Coffey professor of economics at Harvard University and formerly first deputy managing director and chief economist of the IMF
In February, President Donald Trump announced he was placing a new global tariff on US imports to “address fundamental international payments problems” and “stem the outflow” of American dollars to foreign producers. But despite warnings from the White House about a “large and serious balance of payments deficit”, global markets remained sanguine.
If it was not already obvious that there remains plenty of faith in the US’s ability to make its international payments, the events of the past week or so have made it abundantly clear.
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