I don't think we should be agnostic, to the degree balance is what we're after, tariffs just tax too much! (There might be other cases for tariffs, e.g. protecting defense-critical industries, even though even there I think there are better ways to go.) 1/

I like that your proposal is about trying to create a new set of international norms. I think that's critical. 2/

I think it's also critical, given the level of international discord and distrust, that deficit countries (who tend to find imbalance politically disagreeable, despite the consumption stimulus) have unilateral, non-discriminatory (ie non-bilateral) tools to insist upon balance. 3/

But while the actions are unilateral, internationally agreed norms should legitimate them, acknowledge imbalance as a problem and bless a suite of tools deficit countries can unilaterally deploy to address them. (As the original Bretton Woods accords did!) /fin