Amy Scott

On Friday, the U.S.

On Friday, the U.S.

Supreme Court dealt a serious blow to President Trump's economic agenda.

Supreme Court dealt a serious blow to President Trump's economic agenda.

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, or AIPA, last year.

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, or AIPA, last year.

Within hours of the decision Friday, Trump pivoted, announcing a new 10 percent tariff with some exemptions under a different statute, Section 122 of the Trade Act of 1974.

Within hours of the decision Friday, Trump pivoted, announcing a new 10 percent 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 percent.

Then over the weekend, he increased that rate to 15 percent.

That new tariff goes into effect at midnight tonight, though unless Congress votes to extend it, it's temporary, expiring in late July.

That new tariff goes into effect at midnight tonight, though unless Congress votes to extend it, it's temporary, expiring in late July.

Marketplace's Mitchell Hartman has more now on what to expect.

Marketplace's Mitchell Hartman has more now on what to expect.

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.

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.

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

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

On Wall Street today, traders were not happy.

On Wall Street today, traders were not happy.