Happy Monday! Here’s some great news to start your week: “Marketplace” host Kai Ryssdal will conduct a live exit interview with Federal Reserve Bank of Atlanta president Raphael Bostic tomorrow morning, and you can watch it live on YouTube. Hit the bell to get notified so you can hear the whole thing before our show. 

 

For today, though, we’re digging in on those new tariffs President Donald Trump announced on Friday. Are they legal? What happens next? My colleague Mitchell Hartman is here to explain. — Catie McCarthy, digital producer

The U.S. Supreme Court dealt a serious blow to President Donald Trump's economic agenda on Friday. A 6-3 majority ruled that the president had overstepped his authority when he imposed sweeping tariffs on foreign goods using the International Emergency Economic Powers Act last year.

 

Within hours of the decision, 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%.

 

The new tariff goes into effect Tuesday, Feb. 24. The tariff is temporary and will expire in late July, unless Congress votes to extend it.

 

Under Section 122, President Trump has some very specific tariff-imposing powers, said Erica York, vice president of federal policy at the Tax Foundation.

 

“The president can issue a proclamation without any investigation required to impose tariffs of up to 15%, and those can’t last more than 150 days, unless Congress approves them,” she said.

 

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 IEEPA,” York said.

 

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, said Gary Hufbauer, nonresident senior fellow at the Peterson Institute for International Economics. Not by a long shot.

China drastically cut soybean imports this fall over Trump’s tariffs. The Supreme Court ruling might be too late for farmers like Hemmes. 

Everything can basically be served in a bowl, so what’s the point of plates? Turns out they can signal wealth and class, according to historians who study them. Marketplace’s Janet Nguyen dug into the history behind our tableware and the modern “slop bowl” revolution. And if you have a burning question like this one, submit it using our online form — we just might answer it.