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February 22, 2026
https://fortune.com/2026/02/21/trump-tariffs-section-122-trade-law-trade-deficit-capital-account-surplus-balance-of-payments/
Trump's plan B to impose new tariffs is also illegal because a balance-of-payments deficit doesn't exist, trade experts
Section 122 tariffs can only be used when there is a balance of payments deficit which does NOT exist. Someone did not read the statute before letting trump try this executive order
Trump’s plan B to impose new tariffs is also illegal because a balance-of-payments deficit doesn’t exist, trade experts say fortune.com/2026/02/21/t...
— Ian Kremer (@leadcoalition.bsky.social) 2026-02-22T19:12:07.516Z
#tariffs #economics #economy #law #SCOTUS
https://fortune.com/2026/02/21/trump-tariffs-section-122-trade-law-trade-deficit-capital-account-surplus-balance-of-payments/
Just hours after the Supreme Court struck down President Donald Trump’s global tariffs on Friday, he signed an order to impose another package of levies under a different law that wasn’t affected by the court’s decision......
But the actual language of the Trade Act lists requirements that don’t exist today, including a “large and serious” balance-of-payments deficit.
While the U.S. has run a trade deficit for decades, it’s been offset by capital inflows as foreign investors pour billions into financial markets, resulting in a net balance of zero.
“Section 122 of the 1974 Trade Act, on which Trump’s 10% tariff is based, does not apply in the current macro environment,” said Peter Berezin, chief global strategist at BCA Research, in post on X on Friday. “A balance of payments deficit is not the same thing as a trade deficit. You cannot have a balance of payments [deficit] if you have a flexible exchange rate, as the US currently does.”
Similarly, economist Alan Reynolds, a senior fellow at the Cato Institute, pointed out that the trade deficit is fully funded by the capital account surplus, adding that there is no overall balance-of-payments deficit to justify Trump’s newest tax on imports.....
“Section 122 only authorizes tariffs in the presence of a fundamental international payments problem,” he added. “Because the United States does not face such a problem, Section 122 cannot legally be used by President Trump to impose new tariffs.”
But the actual language of the Trade Act lists requirements that don’t exist today, including a “large and serious” balance-of-payments deficit.
While the U.S. has run a trade deficit for decades, it’s been offset by capital inflows as foreign investors pour billions into financial markets, resulting in a net balance of zero.
“Section 122 of the 1974 Trade Act, on which Trump’s 10% tariff is based, does not apply in the current macro environment,” said Peter Berezin, chief global strategist at BCA Research, in post on X on Friday. “A balance of payments deficit is not the same thing as a trade deficit. You cannot have a balance of payments [deficit] if you have a flexible exchange rate, as the US currently does.”
Similarly, economist Alan Reynolds, a senior fellow at the Cato Institute, pointed out that the trade deficit is fully funded by the capital account surplus, adding that there is no overall balance-of-payments deficit to justify Trump’s newest tax on imports.....
“Section 122 only authorizes tariffs in the presence of a fundamental international payments problem,” he added. “Because the United States does not face such a problem, Section 122 cannot legally be used by President Trump to impose new tariffs.”
February 22, 2026
Putin is worried and is trying to shutdown outside sources of news
https://x.com/DefenceHQ/status/2025610320673214569
February 22, 2026
https://abcnews.com/International/us-sailor-medically-evacuated-nuclear-submarine-greenland-official/story
US sailor medically evacuated from nuclear submarine near Greenland: Official
A U.S. Navy sailor was medically evacuated Saturday from an American nuclear-powered submarine by Danish military forces, according to a U.S. official.
US sailor medically evacuated from nuclear submarine near Greenland: Official 🇺🇸 #Greenland #nuclearsubmarine #usnavy #trump abcnews.com/Internationa...
— (@boppinmule.bsky.social) 2026-02-22T08:24:04.426Z
https://abcnews.com/International/us-sailor-medically-evacuated-nuclear-submarine-greenland-official/story
A U.S. Navy sailor was medically evacuated Saturday afternoon from an American nuclear-powered submarine by Danish military forces, according to a U.S. and Danish official.
The submarine broke from its mission and surfaced about eight miles from Nuuk, Greenland, an extraordinary step for a vessel designed to remain hidden beneath the sea in secrecy.
The sailor was airlifted by a Danish Defense Seahawk helicopter, deployed from the Vædderen, a Danish military patrol ship.
It's unclear what the nature of the medical emergency was, but it was not combat-related, according to the U.S. official.
The sailor is being treated at a hospital in Nuuk, Greenland's capital.
The submarine broke from its mission and surfaced about eight miles from Nuuk, Greenland, an extraordinary step for a vessel designed to remain hidden beneath the sea in secrecy.
The sailor was airlifted by a Danish Defense Seahawk helicopter, deployed from the Vædderen, a Danish military patrol ship.
It's unclear what the nature of the medical emergency was, but it was not combat-related, according to the U.S. official.
The sailor is being treated at a hospital in Nuuk, Greenland's capital.
February 22, 2026
TSA PreCheck will remain operational, despite earlier suspension plans
The TSA says its expedited screening program will continue for now during the DHS funding lapse.
https://x.com/NBCNews/status/2025619099926004040
https://www.nbcnews.com/news/us-news/dhs-pausing-tsa-precheck-global-entry-programs-funding-lapse-rcna260114
TSA PreCheck will remain operational for now, a spokesperson for the agency said Sunday, reversing earlier indications that the Department of Homeland Security’s expedited screening program would be suspended amid the department’s funding lapse.
However, the TSA “will evaluate on a case by case basis and adjust operations accordingly” depending on “staffing constraints,” the spokesperson added in a statement.
“Courtesy escorts, such as those for Members of Congress, have been suspended to allow officers to focus on the mission of securing America’s skies,” the statement said.
The Transportation Security Administration’s PreCheck program allows vetted passengers to forgo customary security check-in lines for quicker passage. U.S. Customs and Border Protection’s Global Entry, which offers similarly rapid check-ins for Americans at U.S. ports of entry, was also suspended. The TSA spokesperson did not address that status of that program on Sunday.
The suspension of both programs, first reported by The Washington Post, was supposed to start at 6 a.m. ET on Sunday, DHS spokeswoman Tricia McLaughlin said in a statement.
Homeland Security Secretary Kristi Noem blamed congressional Democrats and said the lack of funding endangers Americans and puts personnel in a financial bind.
However, the TSA “will evaluate on a case by case basis and adjust operations accordingly” depending on “staffing constraints,” the spokesperson added in a statement.
“Courtesy escorts, such as those for Members of Congress, have been suspended to allow officers to focus on the mission of securing America’s skies,” the statement said.
The Transportation Security Administration’s PreCheck program allows vetted passengers to forgo customary security check-in lines for quicker passage. U.S. Customs and Border Protection’s Global Entry, which offers similarly rapid check-ins for Americans at U.S. ports of entry, was also suspended. The TSA spokesperson did not address that status of that program on Sunday.
The suspension of both programs, first reported by The Washington Post, was supposed to start at 6 a.m. ET on Sunday, DHS spokeswoman Tricia McLaughlin said in a statement.
Homeland Security Secretary Kristi Noem blamed congressional Democrats and said the lack of funding endangers Americans and puts personnel in a financial bind.
February 21, 2026
https://www.nationalreview.com/corner/trumps-section-122-tariffs-are-illegal/
Why Trump's Section 122 Tariffs Are Illegal
trump's new replacement tariffs are illegal. These tariffs can only be used when there is a balance-of-payments deficit which is very different from a balance of trade deficit. Since the US is no longer on a currency fixed exchange rate there have not been any balance of payment deficits for a couple of decades. These tariffs will be challenged and trump will lose again
Fascinating National Review post on Trump's latest Tariff gambit. Archive link here (it's pay walled, please don't give them money lol)
— Rude Law Dog (@esghound.com) 2026-02-21T19:01:57.437Z
archive.is/r4Xdf
https://www.nationalreview.com/corner/trumps-section-122-tariffs-are-illegal/
In Section 122, Congress endowed the president with narrow, temporary authority to impose tariffs “to deal with large and serious United States balance-of-payments deficits” (emphasis added). What Trump is complaining about — something he insists is a crisis but is not — is the balance of trade, not of payments. The United States does not have an overall balance of payments deficit, much less a large and serious one.
A trade deficit between the U.S. and a foreign nation occurs, mainly in connection with goods (which is just one aspect of international commerce), when imports are greater than exports. This is not really a problem for a variety of reasons — e.g., a trade deficit results in an investment surplus, the U.S. is a major services economy and often runs exported services surpluses that mitigate the imports deficit in goods, etc.
The balance of payments is a broader concept than the balance of trade. It accounts for all the economic transactions that take place between the United States and the rest of the world. Even without getting into every kind of transaction that entails, suffice it to say that foreign investment in the United States, coupled with the advantages our nation accrues because the dollar is the world’s reserve currency, more than make up for the longstanding trade deficit in goods.
Our overall payments are in balance. There is no crisis.
It’s vital to understand why Section 122 was enacted. There was a financial crisis in the late 60s and early 70s under the Bretton Woods system, when the dollar was tied to gold. Foreign countries that held dollar reserves could exchange them for gold at a fixed rate. Meanwhile, our government was spending at a high clip due to the Vietnam War and Great Society programs. This and the obligation to pay out gold put enormous pressure on the dollar. In response, in 1971, President Nixon severed the dollar’s tie to gold and — as several justices recounted in Friday’s Learning Resources opinions — imposed a temporary 10 percent import surcharge (a tariff) to stabilize the economy......
There is no rationale under Section 122 to impose tariffs. Because President Trump has no unilateral authority to order tariffs, he must meet the preconditions of Section 122 to justify levying them. He cannot. Not even close.
A trade deficit between the U.S. and a foreign nation occurs, mainly in connection with goods (which is just one aspect of international commerce), when imports are greater than exports. This is not really a problem for a variety of reasons — e.g., a trade deficit results in an investment surplus, the U.S. is a major services economy and often runs exported services surpluses that mitigate the imports deficit in goods, etc.
The balance of payments is a broader concept than the balance of trade. It accounts for all the economic transactions that take place between the United States and the rest of the world. Even without getting into every kind of transaction that entails, suffice it to say that foreign investment in the United States, coupled with the advantages our nation accrues because the dollar is the world’s reserve currency, more than make up for the longstanding trade deficit in goods.
Our overall payments are in balance. There is no crisis.
It’s vital to understand why Section 122 was enacted. There was a financial crisis in the late 60s and early 70s under the Bretton Woods system, when the dollar was tied to gold. Foreign countries that held dollar reserves could exchange them for gold at a fixed rate. Meanwhile, our government was spending at a high clip due to the Vietnam War and Great Society programs. This and the obligation to pay out gold put enormous pressure on the dollar. In response, in 1971, President Nixon severed the dollar’s tie to gold and — as several justices recounted in Friday’s Learning Resources opinions — imposed a temporary 10 percent import surcharge (a tariff) to stabilize the economy......
There is no rationale under Section 122 to impose tariffs. Because President Trump has no unilateral authority to order tariffs, he must meet the preconditions of Section 122 to justify levying them. He cannot. Not even close.
February 21, 2026
https://x.com/dirtycoast/status/2025193999678496799
Happy heavenly birthday to the one and only John Lewis.
Remembering John Lewis on what would have been his 86th Birthday.
— â–ªï¸Julesâ–ªï¸ (@northjules.bsky.social) 2026-02-21T15:57:20.182Z
“Get in good trouble, necessary trouble, and help redeem the soul of America.â€
-Lewis🕊ï¸
https://x.com/dirtycoast/status/2025193999678496799
February 21, 2026
https://www.ms.now/rachel-maddow-show/maddowblog/the-inadvertent-truth-exposed-by-the-justice-departments-creepy-new-trump-banner
MaddowBlog-The inadvertent truth exposed by the Justice Department's new Trump banner
The display doesn’t show a commanding figure; it shows a flailing politician pretending to convey strength.
We’re apparently supposed to see Trump's fascistic DOJ banner and hear the implicit questions: “Don’t I appear imposing? Isn’t it clear how powerful I am?â€
— Steve Benen (@stevebenen.com) 2026-02-20T20:40:06.281Z
The answer, however, is “no.â€
The banner doesn’t signal strength — it reflects desperation.
www.ms.now/rachel-maddo...
https://www.ms.now/rachel-maddow-show/maddowblog/the-inadvertent-truth-exposed-by-the-justice-departments-creepy-new-trump-banner
With this in mind, MS NOW reported Thursday on the latest addition to the façade at Main Justice:
In a written statement, Trump’s DOJ acknowledged the developments, saying: “We are proud at this Department of Justice to celebrate 250 years of our great country and our historic work to make America safe again at President Trump’s direction.”
.....Indeed, the banner was helpful in removing a pretense that no one took seriously anyway. The DOJ’s official statement was explicit and unambiguous: The department works at “Trump’s direction” — as opposed to the direction of the attorney general, who’s supposed to lead federal law enforcement.
But I’m also reminded of a column written by the Times’ Jamelle Bouie in August:
Six months later, Bouie’s observation still resonates. The DOJ banner doesn’t signal Trump’s strength — it reflects his desperation.
A failing president wants to convey authority, so he and his team scramble to impose symbols like these on the public. They appear intended to convey questions Trump seems reluctant to ask out loud: “Don’t I appear imposing? Isn’t it clear how powerful I am? Shouldn’t my opponents feel an overwhelming sense of fear?”
The answer to the questions, however, is “no.” In fact, members of Team Trump have it backward: By trying too hard, their posturing delivers the opposite of the intended message.
The Justice Department’s banner, in other words, doesn’t show a commanding figure; it shows a flailing politician pretending to convey confidence and strength.
A large banner with Donald Trump’s face was hung on the front of the Justice Department headquarters in Washington, D.C., the president’s latest effort to imprint his personal brand on the nation’s capital.
Observers spotted the lengthy blue banner featuring Trump’s face sandwiched between two pillars on the building’s exterior on Thursday. The banner, which also includes the DOJ seal, states, ‘Make America Safe Again,’ and adorns the front entrance of a department that Democrats say has been weaponized by Trump.
In a written statement, Trump’s DOJ acknowledged the developments, saying: “We are proud at this Department of Justice to celebrate 250 years of our great country and our historic work to make America safe again at President Trump’s direction.”
Photo:
— Ryan J. Reilly “paints a vivid and urgent portrait of… disarray†(@ryanjreilly.com) 2026-02-19T20:37:47.353Z
.....Indeed, the banner was helpful in removing a pretense that no one took seriously anyway. The DOJ’s official statement was explicit and unambiguous: The department works at “Trump’s direction” — as opposed to the direction of the attorney general, who’s supposed to lead federal law enforcement.
But I’m also reminded of a column written by the Times’ Jamelle Bouie in August:
The administration-produced imagery in Washington is, then, a projection of sorts — a representation of what the president wants reality to be, drawn from its idea of what authoritarianism looks like. The banners and the troops — not to mention the strangely sycophantic cabinet meetings and news conferences — are a secondhand reproduction of the strongman aesthetic of other strongman states. It is as if the administration is building a simulacrum of authoritarianism, albeit one meant to bring the real thing into being. No, the United States is not a totalitarian state led by a sovereign Donald Trump — a continental Trump Organization backed by the world’s largest nuclear arsenal — but his favored imagery reflects his desire to live in this fantasy.
Six months later, Bouie’s observation still resonates. The DOJ banner doesn’t signal Trump’s strength — it reflects his desperation.
A failing president wants to convey authority, so he and his team scramble to impose symbols like these on the public. They appear intended to convey questions Trump seems reluctant to ask out loud: “Don’t I appear imposing? Isn’t it clear how powerful I am? Shouldn’t my opponents feel an overwhelming sense of fear?”
The answer to the questions, however, is “no.” In fact, members of Team Trump have it backward: By trying too hard, their posturing delivers the opposite of the intended message.
The Justice Department’s banner, in other words, doesn’t show a commanding figure; it shows a flailing politician pretending to convey confidence and strength.
February 21, 2026
https://www.thepinknews.com/2026/02/18/european-parliament-eu-trans-women/
European Parliament declares trans women are women
This makes me smile
European Parliament declares trans women are women âž¡ï¸ https://bit.ly/4rR8euK
— PinkNews (@pinknews.bsky.social) 2026-02-21T13:20:00.932556751Z
📷 Evanto
https://www.thepinknews.com/2026/02/18/european-parliament-eu-trans-women/
The resolution, adopted last week, made a host of recommendations for the EU to pursue at the 70th annual UN Commission on the Status of Women, which is set to take place next month.
Among the recommendations was a proclamation emphasising the “importance of the full recognition of trans women as women, noting that their inclusion is essential for the effectiveness of any gender-equality and anti-violence policies”.
Other proclamations referencing LGBTQ+ people included the need for a “comprehensive tool to monitor and counter democratic backsliding and backsliding in women’s rights”, as well as the acknowledgement of a rise in attacks against LGBTQ+ and women’s rights activists.
The array of recommendations were adopted in a 340-141 vote, with 68 abstentions, according to LGBTQ+ Nation.
While most European Parliament resolutions aren’t legally binding, their passage typically marks significant influence within EU member states.
Among the recommendations was a proclamation emphasising the “importance of the full recognition of trans women as women, noting that their inclusion is essential for the effectiveness of any gender-equality and anti-violence policies”.
Other proclamations referencing LGBTQ+ people included the need for a “comprehensive tool to monitor and counter democratic backsliding and backsliding in women’s rights”, as well as the acknowledgement of a rise in attacks against LGBTQ+ and women’s rights activists.
The array of recommendations were adopted in a 340-141 vote, with 68 abstentions, according to LGBTQ+ Nation.
While most European Parliament resolutions aren’t legally binding, their passage typically marks significant influence within EU member states.
February 21, 2026
https://www.thepinknews.com/2026/02/18/european-parliament-eu-trans-women/
European Parliament declares trans women are women
This makes me smile
European Parliament declares trans women are women âž¡ï¸ https://bit.ly/4rR8euK
— PinkNews (@pinknews.bsky.social) 2026-02-21T13:20:00.932556751Z
📷 Evanto
https://www.thepinknews.com/2026/02/18/european-parliament-eu-trans-women/
The resolution, adopted last week, made a host of recommendations for the EU to pursue at the 70th annual UN Commission on the Status of Women, which is set to take place next month.
Among the recommendations was a proclamation emphasising the “importance of the full recognition of trans women as women, noting that their inclusion is essential for the effectiveness of any gender-equality and anti-violence policies”.
Other proclamations referencing LGBTQ+ people included the need for a “comprehensive tool to monitor and counter democratic backsliding and backsliding in women’s rights”, as well as the acknowledgement of a rise in attacks against LGBTQ+ and women’s rights activists.
The array of recommendations were adopted in a 340-141 vote, with 68 abstentions, according to LGBTQ+ Nation.
While most European Parliament resolutions aren’t legally binding, their passage typically marks significant influence within EU member states.
Among the recommendations was a proclamation emphasising the “importance of the full recognition of trans women as women, noting that their inclusion is essential for the effectiveness of any gender-equality and anti-violence policies”.
Other proclamations referencing LGBTQ+ people included the need for a “comprehensive tool to monitor and counter democratic backsliding and backsliding in women’s rights”, as well as the acknowledgement of a rise in attacks against LGBTQ+ and women’s rights activists.
The array of recommendations were adopted in a 340-141 vote, with 68 abstentions, according to LGBTQ+ Nation.
While most European Parliament resolutions aren’t legally binding, their passage typically marks significant influence within EU member states.
February 21, 2026
https://www.ms.now/rachel-maddow-show/maddowblog/trump-executive-order-on-a-weed-killer-chemical-didnt-do-rfk-jr-any-favors
MaddowBlog-Trump executive order on a weed killer chemical didn't do RFK Jr. any favors
The “Make America Healthy Again” agenda is riddled with a series of overlapping contradictions, which are becoming even more common.
When RFK Jr. was on the campaign trail in 2024, he vowed that if he joined Trump’s team, he would “ban the worst agricultural chemicals.â€
— Steve Benen (@stevebenen.com) 2026-02-19T18:25:23.000Z
I have some bad news for the voters who actually believed he'd follow through on this.
www.ms.now/rachel-maddo...
https://www.ms.now/rachel-maddow-show/maddowblog/trump-executive-order-on-a-weed-killer-chemical-didnt-do-rfk-jr-any-favors
About a year later, in November 2025, the Republican administration advanced a plan to approve agricultural pesticides containing “forever chemicals” as an active ingredient, despite concerns raised by some scientists and environmental activists. Kennedy, in his capacity as Trump’s health and human services secretary, bit his tongue.
This year, the underlying dynamic has reached a new level. The New York Times reported:
As the report explains, glyphosate is the active ingredient in Roundup, which has been the target of tens of thousands of lawsuits that claim it causes non-Hodgkin lymphoma......
This has been an ongoing issue for months. In June, MS NOW’s Catherine Rampell wrote a memorable Washington Post column along these lines, noting that Kennedy’s MAHA agenda is rooted in part in the idea that Americans’ health would greatly improve through better nutrition and exposure to fewer environmental toxins.
Kennedy, Rampell added, is nevertheless playing a leading role in an administration that’s “expanding use of environmental toxins.”
If Kennedy and Team Trump wanted to admit that the MAHA agenda was largely focused on undermining vaccines, it would be impolitic, but it would also be far closer to the truth.
This year, the underlying dynamic has reached a new level. The New York Times reported:
President Trump issued an executive order late Wednesday aimed at spurring the domestic production of glyphosate, a widely used weedkiller that has figured in health lawsuits.
The move immediately set off alarms among supporters of Health Secretary Robert F. Kennedy Jr.’s ‘Make America Healthy Again’ movement, and appeared to put Mr. Kennedy in an awkward position.
As the report explains, glyphosate is the active ingredient in Roundup, which has been the target of tens of thousands of lawsuits that claim it causes non-Hodgkin lymphoma......
This has been an ongoing issue for months. In June, MS NOW’s Catherine Rampell wrote a memorable Washington Post column along these lines, noting that Kennedy’s MAHA agenda is rooted in part in the idea that Americans’ health would greatly improve through better nutrition and exposure to fewer environmental toxins.
Kennedy, Rampell added, is nevertheless playing a leading role in an administration that’s “expanding use of environmental toxins.”
If Kennedy and Team Trump wanted to admit that the MAHA agenda was largely focused on undermining vaccines, it would be impolitic, but it would also be far closer to the truth.
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