Not that the WTO has played much in the President's calculus, former USTR hand Dawn Shackleford argues that the Administration’s reliance on Section 122 of the Trade Act of 1974 to impose a temporary import surcharge (tariff) on “large and serious” U.S. balance-of-payments deficits could, if framed as a balance-of-payments (BOP) measure, implicate GATT Article XII notification and review disciplines at the WTO.
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