The US faces a “balance of payments” crisis, Trump declares in invoking new 15% global tariffs
Shipping containers at the Port of Los Angeles in Los Angeles, California, US, on Friday, Feb. 20, 2026. President Donald Trump said he would sign an order imposing a 10% global tariff after the Supreme Court struck down the bulk of the levies he imposed last year, and pledged a raft of investigations that could allow him to enact more import taxes. Photographer: Kyle Grillot/Bloomberg
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.
US President Donald Trump during a news conference in the James S. Brady Press Briefing Room of the White House in Washington, DC, US, on Friday, Feb. 20, 2026. Trump delivered a broadside against Supreme Court justices after they struck down the bulk of his sweeping global tariffs, delivering a major blow against his signature economic policy.
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.
US President Donald Trump during a news conference in the James S. Brady Press Briefing Room of the White House in Washington, DC, US, on Friday, Feb. 20, 2026. Trump delivered a broadside against Supreme Court justices after they struck down the bulk of his sweeping global tariffs, delivering a major blow against his signature economic policy.
Dealt a blow by the Court, the US president finds himself with less leverage as he tries to rebuild his protectionist trade wall.
US President Donald Trump during a news conference in the James S. Brady Press Briefing Room of the White House in Washington, DC, US, on Friday, Feb. 20, 2026. Trump delivered a broadside against Supreme Court justices after they struck down the bulk of his sweeping global tariffs, delivering a major blow against his signature economic policy.
The scattershot approach to US steel and aluminum tariffs is set to become more targeted
Campbell's soup at a supermarket in Hercules, California, US, on Monday, Dec. 8, 2025. The Campbell's Company is scheduled to release earnings figures on December 9. Photographer: David Paul Morris/Bloomberg
Trump has only concluded five trade deals, with a dozen others remaining mere frameworks
US President Donald Trump speaks to members of the media on the South Lawn of the White House before boarding Marine One in Washington, DC, US, on Friday, Feb. 6, 2026. Trump administration officials are exploring opening an antitrust investigation into US homebuilders as the White House sharpens its focus on tackling the country’s housing affordability crisis. Photographer: Shawn Thew/EPA/Bloomberg
First population decline looms as one effect of second term
Marco Rubio, US secretary of state, left, and US President Donald Trump during a cabinet meeting at the White House in Washington, DC, US, on Thursday, Jan. 29, 2026. Trump said he had successfully appealed to Russian President Vladimir Putin to halt the bombing of cities and towns in Ukraine as the country prepares for an extreme cold snap. Photographer: Aaron Schwartz/CNP/Bloomberg
Canada, in rekindling China ties, becomes the latest target of the US president’s wrath
US President Donald Trump during the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 21, 2026. The annual Davos gathering of political leaders, top executives and celebrities runs from Jan. 19-23. Photographer: Krisztian Bocsi/Bloomberg
Davos this week should give global leaders a chance to debate latest US threat
US President Donald Trump speaks to members of the media on the South Lawn of the White House before boarding Marine One in Washington, DC, US, on Friday, Jan. 16, 2026. Trump threatened fresh tariffs on goods from nations that oppose his push to take control of Greenland, stepping up his rhetoric while Denmark hosted US lawmakers on its home turf following meetings in Washington this week. Photographer: Yuri Gripas/Abaca/Bloomberg
As the US draws back, China is again dispersing capital globally, leading the rest of the world to confront a fundamental change in their economic relationships with both superpowers.
Chinese flags on lamp posts in the Nanjing Road shopping area during the Golden Week holiday in Shanghai, China, on Thursday, Oct. 2, 2025. China's eight-day Golden Week holiday, alongside recent stimulus measures for service industries, is expected to spur spending and potentially revive sentiment for consumer stocks. Photographer: Qilai Shen/Bloomberg
China’s capital outflows are accelerating, and Europe is soldiering on with free trade
Workers at the Chancay Megaport under construction in Chancay, Peru, on Monday, July 22, 2024. For centuries, control of the world's biggest shipping centers helped expand empires, spark and settle wars, ease poverty and build middle classes while giving international companies access to cheap workers and cash-flush consumers in distant markets. Photographer: Angela Ponce/Bloomberg
As the US draws back, China is again dispersing capital globally, leading the rest of the world to confront a fundamental change in their economic relationships with both superpowers.
Here are three features of a global trading system in flux heading into 2026.
US President Donald Trump departs following an event in Rocky Mount, North Carolina, US, on Friday, Dec. 19, 2025. Trump began a rally Friday night in North Carolina talking about crime and then highlighted his efforts to combat economic uncertainty - while also steering clear of addressing new disclosures involving the convicted sex offender Jeffrey Epstein. Photographer: Cornell Watson/Bloomberg
Myriad questions surround Trump’s goal of global AI dominance
Senator Ted Cruz, a Republican from Texas, from left, US President Donald Trump, and Howard Lutnick, US commerce secretary, in the Oval Office of the White House in Washington, DC, US, on Thursday, Dec. 11, 2025. Trump signed an order aimed at thwarting state-level regulation of artificial intelligence, handing a policy win to tech industry leaders who've pressed for preemption of local rules. Photographer: Shawn Thew/EPA/Bloomberg
At the heart of Trump’s national-security policy is a race for economic survival that extends far beyond the US
US President Donald Trump, left, and Pete Hegseth, US secretary of defense, during a cabinet meeting at the White House in Washington, DC, US, on Tuesday, Dec. 2, 2025. US President Donald Trump said he plans to announce his selection to lead the Federal Reserve in early 2026, fueling further speculation about the next leader of the US central bank. Photographer: Yuri Gripas/CNP/Bloomberg
The White House lists nearly $9.6 trillion in new investment pledges, less than what’s boasted by Trump.
US President Donald Trump, front left, and Sanae Takaichi, Japan's prime minister, front right, during a bilateral meeting at the Akasaka Palace state guest house in Tokyo, Japan, on Tuesday, Oct. 28, 2025. Trump hailed the US's alliance with Japan, reaffirming ties with a longstanding partner and praising Takaichi on her plans to ratchet up defense spending as the pair met in Tokyo. Photographer: Franck Robichon/EPA/Bloomberg
Trump still has tariffs on foreign-made machines needed to fuel a US factory revival
US President Donald Trump walks on the South Lawn of the White House after arriving on Marine One in Washington, DC, US, on Saturday, Nov. 22, 2025. US officials are having early discussions on whether to let Nvidia Corp. sell its H200 artificial intelligence chips to China, according to people familiar with the matter, a contentious potential move that would mark a major win for the world's most valuable company. Photographer: Graeme Sloan/Bloomberg
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