"A balance of payments deficit is a term of art incorporating into law a settled meaning from international financial accounting," the blue states' lawsuit says. "A trade deficit does not qualify, either as a matter of economics or of law, as a balance of payments deficit."
"The president has tried to pull a fast one by switching the term balance of payments to mean balance of trade, in other words, a trade deficit. But those two things aren't the same thing," said Jeffrey Schwab of the Liberty Justice Center…
https://www.politico.com/news/2026/03/15/trump-tariffs-legal-challenges-00828854
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