Marketplace® is the leading business news program in the nation. We bring you clear explorations of how economic news affects you, through stories, conversation...
President Donald Trump unveiled sweeping tariffs on American imports, with the levies coming in higher than expected. Do we need to be stockpiling our carts to get in front of rising costs? We asked economists how they’re personally preparing for higher prices. Plus, Reema and Kimberly unpack international responses as countries buckle up to negotiate — or take retaliatory measures. Also, why are we putting tariffs on uninhabited islands near Antarctica?
Here’s everything we talked about today:
“Tariffs Will Hit All U.S. Imports. Price Hikes for These Items May Surprise You” from The Wall Street Journal
“Tariff-related layoffs hit five US auto plants that supply factories in Canada and Mexico” from CNN Business
“Sweeping Trump tariffs shock global economy, draw calls for talks” by AP News
Watch: “In Full: Prime Minister Anthony Albanese responds to new US tariffs” by ABC News Australia on YouTube
“‘Nowhere on Earth is safe’: Trump imposes tariffs on uninhabited islands near Antarctica” by The Guardian
“The Blunt Force Trauma of the Trump Tariffs” from Wired
“Support Grows for President Trump’s America First Reciprocal Trade Plan” from The White House
Join us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.
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18:27
Reminder: Tariffs are taxes.
Uncertainty about tariffs and trade policy has been top of mind since President Donald Trump’s election in November. We finally know how high those tariffs will be (between 10% and 54%) and to which countries they’ll apply (almost all of them). Now, a key question is: How much will prices rise? In this episode, business owners prep for the costs and some economists predict an economic downturn. Plus: The administration wants the IRS to share undocumented immigrants’ protected information with Homeland Security.
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26:16
An end to globalization as we know it?
KPMG chief economist Diane Swonk offers a bleak prognosis for the economy after President Donald Trump’s across-the-board tariffs. The risk of a recession has gone up, she says, as has the risk for stagflation. And the job of the Federal Reserve just got much harder. We’ll also learn how the cost of those tariffs will be passed onto consumers and hear a conservative take on tariffs and industry reshoring.
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7:34
Doing the numbers on all of those fresh tariffs
34%. 32%. 24%. 20%. Those are the additional tariff rates on — in order — China, Taiwan, Japan and Europe that President Donald Trump has imposed. Stock markets are down hard. This morning, we’ll parse how key U.S. trade partners are responding to new duties on goods and hear what all this means for everyday consumers. Also on the show: Why haven’t higher interest rates slowed the job market?
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8:43
The world reacts to President Trump’s tariffs
From the BBC World Service: With tariffs imposed by the U.S. on economies across the globe, we’re gathering reactions from some of the countries affected. China is vowing to fight back while Europe is collectively mulling over how to respond. Some of the world’s poorest countries will be hit hardest — Cambodia and Laos among them. But there could also be opportunities as trading strategies shift and new partnerships emerge.
Marketplace® is the leading business news program in the nation. We bring you clear explorations of how economic news affects you, through stories, conversations, newsworthy numbers and more. The Marketplace All-in-One podcast provides each episode of the public radio broadcast programs Marketplace, Marketplace Morning Report®and Marketplace Tech® along with our podcasts Make Me Smart, Corner Office and The Uncertain Hour. Visit marketplace.org for more. From American Public Media. Twitter: @Marketplace
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