Marketplace All-in-One Trump dusts off obscure legal authority for new tariffs
Feb 23, 2026
Ashish Sharma, BBC reporter on Spain’s plan to legalize migrants to fill labor gaps. Julia Coronado, economist analyzing market reactions to trade shifts. Nova Saffo, Marketplace reporter on the administration’s use of Section 122 for temporary tariffs. They discuss a new 15% global tariff, market uncertainty and safe-haven moves, and Spain’s strategy to address worker shortages.
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Administration Uses Unused Section 122 For Temporary Tariffs
- President Trump invoked Section 122 to impose temporary global tariffs, a statute no president had used before.
- Yale Budget Lab estimates the effective tariff rate drops from 16% to 13.7% under the new temporary measures.
122 Tariffs Are Short Term While Other Tools Take Longer
- The Section 122 tariffs are temporary and likely to be replaced by other authorities or higher tariffs later.
- Treasury Secretary Janet Yellen [Scott Besson in transcript] signaled longer-running tariff routes take more time, and hundreds of billions in refunds loom.
Policy Chaos Spurs Market Flight To Safe Havens
- Markets reacted with increased uncertainty and flight to safe havens like gold after the Supreme Court ruling and tariff shuffle.
- Economist Julia Coronado notes policy chaos adds a tangible risk factor and drives investors to hedges.