But I think every nation wants to be developing. The GATT also incorporated tools that countries can use to push back against imbalanced trade and its harmful effects. In Article 12 [of the GATT] says that countries that have a persistent trade deficit can impose tariffs to protect the balance of payments. This means that deficit countries can use tariffs to protect their citizens from harmful effects such as excessive debt or currency devaluation that would otherwise be transmitted to them by the policies of the persistent trade surplus nations. (22:19–22:26)
CLAIM
Asserts that GATT Article 12 allows tariffs to protect balance of payments for countries with trade deficits.
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