Gross domestic product shrunk 0.3% from January to March — the first growthless quarter since the pandemic recovery in early 2022. The cause? All the buying up that businesses and consumers did to beat tariff-induced price increases. We'll parse the data. Plus, Stellantis suspends 2025 guidance, Amazon backs away from transparency about the cost of tariffs, and the United Kingdom clamps down on a tax loophole for the rich.
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Should companies advertise tariff-related price increases?
Amazon backtracked yesterday after reporting revealed the company was planning to display how much tariffs were raising prices on individual items and the White House angrily pushed back. Other companies, including Temu and Volkswagen, are being upfront with customers about tariffs’ impact on product prices. We'll hear more. Also on the show: factory activity falls in China, and a view of the economy before Donald Trump took office and 100 days into his second term.
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6:54
The trade war hits China’s factory output
From the BBC World Service: New data shows China's manufacturing activity took a sharp dip in April — a sign that the ongoing trade war with the U.S. is starting to bite. Then, President Donald Trump signed an executive order to slash import duties on car parts in a short-term move to help U/S/ automakers. Plus, the U.K. is scrapping a centuries-old tax perk that lets wealthy foreigners shield their global assets.
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U.S. tariffs and Canadian elections
For many in Canada, trade policy and the rhetoric of a leader south of the Canadian border were front of mind when heading to the polls. Kimberly Adams went to polling places in the province of Ontario yesterday to hear more. Today, we'll learn what Canadian voters had to say. Also: DoorDash wants to buy U.K.-based Deliveroo, and Amazon launches an effort to compete with SpaceX’s Starlink satellite system.
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100 days of DOGE
For President Donald Trump's 100th day back at the White House, we’re checking in on the cost-cutting efforts of Elon Musk's Department of Government Efficiency, or DOGE. It claims $150 billion in savings from layoffs, canceled government contracts and shuttered agencies. Analysts dispute that number, and it's far short of what Musk had promised. And later: The president is set to give automakers a break on some tariffs.
In less than 10 minutes, we'll get you up to speed on all the news you missed overnight. Throughout the morning, Marketplace's David Brancaccio will bring you the latest business and economic stories you need to know to start your day. And before U.S. markets open, you'll get a global markets update from the BBC World Service in London.
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