On this Monday after, that big Supreme Court tariff ruling, we'll catch you up on the latest.

From American Public Media, this is Marketplace.

In Denver, I'm Amy Scott in for Kai Rizdahl. It's Monday, February 23rd. Good to have you with us.

So quick recap, on Friday, the U.S. Supreme Court dealt a serious blow to President Trump's economic agenda.

A six to three majority ruled that the president had overstepped

his authority when he imposed sweeping tariffs on foreign goods using the International

Emergency Economic Powers Act, or AEPA, last year. Within an hours of the decision, Friday,

Trump pivoted, announcing a new 10% tariff with some exemptions under a different

statute, Section 122 of the Trade Act of 1974. Then over the weekend, he increased that rate to 15%. That new

tariff goes into effect at midnight tonight, though unless Congress votes to extend it,

it's temporary, expiring in late July. Marketplaces Mitchell Hartman has more now on what to

expect. Under Section 122, President Trump has some very specific tariff-imposing powers,

says Erica York at the Tax Foundation.

The president can issue a proclamation without any investigation required to impose tariffs of up to 15 percent,

and those can't last more than 150 days unless Congress approves them.

They don't have to be justified by other countries' alleged unfair trade practices or to protect U.S. national security.

The president just has to assert that the U.S. faces a balance of payments crisis.

These are rate-limited, time-limited tariffs, not a really broad authority like what the president tried to do under IEPA.

And they don't vary from country to country, so the Trump administration can't use them to punish

certain trading partners. But the new tariffs don't cover everything we import, not by a long

shot, says Gary Huffpower at the Peterson Institute for International Economics.

This uniform 15 percent already has some jagged edges.

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