Great certainty has been brought back to the economy of the United States and actually the economy of the world.

Has it, though, really?

From American public media, this is Marketplace.

In Los Angeles, I'm Kyle Rizzdahl.

It is Friday, today the 20th of February.

It is always to have you along, everybody.

Six to three was the tally in the Supreme Court of the United States today, as you have no doubt heard, striking down President Trump's tariff-palooza of April last.

The International Emergency Economic Powers Act was the statute in question, but it is important to understand here that tariff-free we are not, which is among the things I'm going to talk about with Martha Gimble right now.

She's the executive director of the Budget Lab at Yale.

Martha, it's good to have you back on the program.

Thank you for having me.

All right.

So let us test my hypothesis or the president's hypothesis, I suppose.

Has certainty been restored?

I certainly feel less certain about tariffs than I felt this morning.

Just to give you an idea of what my team, who looks at this has been up to today, going into this morning, tariffs were almost 17%. Once the Supreme Court ruled, they went down to 9%. That was at 10 a.m.

And then the president gave his press conference today. Yeah, exactly. And then the president gave a press

conference where he said that he was imposing 10% tariffs under a different legal authority, but that would be temporary, but then they would replace it with other things that were to come.

And then that should take it back up to around 15%. So there's been a lot of Sturm and Drang today, but it looks like we're sort of back where we are, but we're still figuring it out.

So let's let's recap briefly, right?

Aipa tariffs are gone, but there are, and this is the nomenclature, and I apologize to listeners, but there are Section 232 tariffs, 301 tariffs, now 122 tariffs from various

trade adjustment acts of years gone by. Now what happens? Let's say we stayed 15%, macroeconomically,

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