Marketplace Morning Report

“An incomplete picture of the economy” Mar 03, 2025

It’s the mother of all economic numbers: GDP, or gross domestic product. But U.S. Commerce Secretary Howard Lutnick says he wants to take government spending out of that number in official statistics. That could have serious implications for our understanding of the economy. Also on the show: how President Donald Trump’s tariffs could hit the auto industry and why adults are keeping the toy industry going.

What a government crypto reserve might look like Mar 03, 2025

Hundreds of billions of dollars have flowed into cryptocurrency markets in the past 24 hours or so after President Donald Trump named five digital tokens to be included in a national reserve. Trump has pledged to be a crypto-friendly president before. We’ll unpack the decision. Plus, mortgage rate volatility may be here to stay, and natural gas is having a moment — even in the middle of the green energy transition.

Tit-for-tat tariffs fuel trade war fears Mar 03, 2025

From the BBC World Service: When new U.S. import duties take effect on Tuesday, China says it’ll be ready to hit back with its own. The escalation raises fears of an all-out trade war between the world’s two largest economies. Then, Britain’s data protection watchdog is investigating how TikTok handles children’s data. And more adults are entertaining themselves with products typically marketed at children, which is helping to keep the global toy market alive.

Turmoil in D.C. starts to hit student borrowers Feb 28, 2025

Some student loan borrowers are in limbo after the Department of Education removed online applications for consolidations and income-based repayment plans. The StudentAid.gov website says the removals are temporary to comply with an appeals court injunction. But first: We got lots of data this morning painting a picture of the economy before major changes were implemented by the Trump administration. And later: Is the U.S. at risk of losing lithium exports from China?

Feeling the economic shockwaves of government layoffs Feb 28, 2025

Current and former U.S. Agency for International Development workers are being allowed into USAID headquarters in Washington, D.C. for a second day today to pack up their belongings. But federal government layoffs are being felt across the country. Today, we’ll hear from a USAID contractor in Oklahoma about what’s happening there. Plus, we’ll look at why tech firms are spending so much on quantum computing and unpack the impacts of a 24-hour “economic blackout.”

Bitcoin hits three-month low Feb 28, 2025

From the BBC World Service: Fears are growing among bitcoin investors after the cryptocurrency’s price fell below the $80,000 threshold Friday. It comes after U.S. President Donald Trump’s latest tariff threats triggered a fresh flight from risk. Meanwhile, U.K. Prime Minister Sir Keir Starmer hopes that talks with President Trump at the White House have averted a trade war. Plus, we look at why Hungary has become a hot destination for movie-makers.

Why many government workers aren’t eligible for unemployment benefits Feb 27, 2025

The Supreme Court is giving the Trump administration more time to pay for foreign aid work done before the administration froze foreign assistance. Among those caught up in all this are independent contractors who have contracts with the U.S. Agency for International Development. Their work has evaporated, but they can’t file for unemployment. We’ll discuss. Plus, an account from a day laborer and volunteer sheds light on economic conditions for low-income immigrant workers.

It’s not just federal workers experiencing layoffs Feb 27, 2025

Job cuts appear to be picking up in the private sector, too. Over the last two months, companies including Chevron, Meta, Starbucks and Southwest Airlines have all laid off 1.000 employees or more. While unemployment remains low, more layoffs could be on the way. Plus, bosses at Nvidia think there’s still plenty of room for business to grow, and an immigrant day laborer reflects on volunteering to help clear debris after the LA fires.

Trump says 25% tariffs on EU will be announced soon Feb 27, 2025

From the BBC World Service: The automotive sector was singled out by U.S. President Donald, and the European Union said it will react “firmly and immediately” against any “unjustified” tariffs. Then, a cryptocurrency company in Dubai is recruiting bounty hunters to help track stolen funds. And as Pokémon turns 29 years old. we look back at how the wildly popular Japanese phenomenon became a billion-dollar global media brand.

A first step toward the GOP’s tax and spending agenda Feb 26, 2025

The Republican-controlled House has defied predictions of deadlock and advanced the party’s signature legislative package. The House narrowly approved a resolution that includes $4.5 trillion in tax cuts and some $2 trillion in spending cuts over a decade. But it still has to go through the Senate, where there’s a push for more tax cuts. We’ll discuss some of the implications. Plus, how are New York businesses grappling with President Donald Trump’s deportation threats?

Consumer sentiment is down, while inflation expectations are up Feb 26, 2025

The Conference Board reported the biggest monthly decline in consumer confidence since 2021. The University of Michigan also reported a sharp decline in optimism, along with a steep increase in inflation expectations. The reasons? Threats of tariffs, high cost-of-living expenses and general uncertainty. Also on the show: a draft deal for the U.S. to access Ukraine’s rare earth minerals and a proposed green card for wealthy people.

BP to increase oil and gas investments Feb 26, 2025

From the BBC World Service: Under pressure from investors, energy giant BP is increasing investments in oil and gas by $10 billion a year, while decreasing previously planned renewables funding by more than $5 billion. Plus, Ukraine has struck a deal to let the U.S. jointly exploit its mineral resources. Then, Donald Trump’s plan to deport millions of undocumented immigrants is raising economic concerns. How are small businesses in the U.S. responding?

No way Waymo? Feb 25, 2025

American consumers have a lot of skepticism about self-driving vehicles, according to a new AAA survey. It finds that less than half of us would get in a car without a driver and far fewer would use automated driving when they’re behind the wheel. Also, we’ll hear about a proposed EU-Ukraine partnership over strategic minerals, unpack federal agency responses to an ultimatum by Elon Musk and look at EV truck charging infrastructure.

Apple’s focus on U.S. manufacturing isn’t exactly new Feb 25, 2025

Apple has a pattern of announcing big investments in U.S. jobs at the start of new presidential administrations. Now, under Donald Trump, Apple has announced a $500 billion investment in U.S. operations over the next four years — an announcement that comes amid looming tariff threats. Plus: drama over Elon Musk’s productivity email sent to federal workers and a look at how warmer weather is impacting the snowmobile economy.

AI expansion means big changes for Singapore’s bigget bank Feb 25, 2025

From the BBC World Service: The biggest bank in Southeast Asia, DBS in Singapore, says it’ll cut 4,000 jobs over the next three years as AI takes on more work. Then, the European Union proposed a Ukrainina critical minerals partnership, which comes as President Trump is pushing Kyiv for a sweeping deal with the U.S. And in the U.K., farmers are urging a government re-think over plans for a new estates tax.

Wall Street’s trying to shrug off last week’s concerns Feb 24, 2025

Markets opened higher this morning after a spate of worrisome economic numbers caused a tumble on Friday. Those included declining service sector business activity and consumer sentiment that showed rising inflation expectations — which can be self-fulfilling. We’ll unpack. Also on the program: The Trump administration is moving ahead with the dismantling of the U.S. Agency for International Development, and we’ll look at the underlying economic forces behind Canada’s ongoing political drama.

At the IRS, cost-cutting comes with a cost Feb 24, 2025

The Trump administration has fired more than 6,000 Internal Revenue Service workers — many of them in collections and enforcement — in the name of cost-cutting. But the money the IRS spends on tax collection helps it pull in more money from taxpayers. We’ll dig in. Plus, is it time to rethink how we measure the economy? We’ll hear from an advocate for placing people’s lived experiences at the center of economics.

Conservatives win German election Feb 24, 2025

From the BBC World Service: The Christian Democrats came in first in German elections, with more than 28% of the vote. But they’ll need at least one coalition partner to form a government, and some tough negotiations over the economy lie ahead. Plus, Canada’s Prime Minister Justin Trudeau announced his resignation last month. For voters and contenders for the prime ministership, economic concerns are front and center.

USAID cuts hit agricultural research Feb 21, 2025

There’s another casualty from the Trump administration’s dismantling of the U.S. Agency for International Development: Funding for agriculture research at 17 labs at U.S. universities is now frozen. We’ll discuss some of the impacts. Plus, the health of the manufacturing sector improved for the second month in a row. And, how are markets responding to government firings and a government-wide deregulation campaign?

Consumers have the travel bug again Feb 21, 2025

Shares of Booking Holdings — the company behind Booking.com, Priceline, Kayak and other travel sites — are popping this morning after announcing yesterday that profits were up almost 50% last quarter compared to a year earlier. Tons of companies in the travel industry, including airlines, are doing well thanks to strong travel demand. We’ll unpack. Also on the program: a lesson on how Massachusetts helped make the modern gambling industry.

Antiausterity protests continue in Indonesia Feb 21, 2025

From the BBC World Service: Thousands of students are protesting as part of what’s become known as “Dark Indonesia” demonstrations, in which rally-goers are taking a stand against budget cuts and other policies by President Prabowo Subianto. Plus, Germany’s election campaign is in its closing days, and a BBC investigation finds that addictive synthetic opioids are being illegally shipped to West Africa by an Indian company.

The tiff over New York City’s congestion pricing Feb 20, 2025

The Trump administration has waded into a controversial policy in New York that charges tolls for most passenger cars entering certain parts of Manhattan, also known as congestion pricing. The Secretary of Transportation has sent a letter to New York’s governor saying that the administration is revoking federal approval. We’ll hear more. Also, we’ll unpack Walmart’s quarter earnings release and learn how one California company is electrifying older diesel trucks.

What slashing federal agency budgets could mean for food safety Feb 20, 2025

The Food and Drug Administration is among the agencies in the firing lines of the Trump administration’s staff cuts. But those layoffs are raising flags about how the FDA will be able to adequately oversee food supply safety and respond to any crises or outbreaks. Also on the program: what the government might do with savings resulting from DOGE’s budget slashes and why homebuilders feel pessimistic about future sales.

Fed’s “wait and see” stance on inflation keeps global economies on their toes Feb 20, 2025

From the BBC World Service: The Federal Reserve’s latest meeting minutes suggest they want to see more evidence that inflation is cooling before cutting interest rates. However, when borrowing costs stay high in the U.S., it can ripple around the globe. Then, authorities in Myanmar have started sending back hundreds of Chinese nationals accused of working in internet scam operations. And, ahead of Germany’s elections, we hear how voters are reacting to a sluggish economy.

25 is the magic number Feb 19, 2025

President Donald Trump says he wants to impose tariffs of 25% or more on imports of automobiles, semiconductor chips and pharmaceuticals. The president had previously mentioned sector-specific tariffs. Now there’s a number: 25%. But it’s far from certain that these tariffs will materialize. We’ll discuss. Plus, as part of this month’s Econ Extra Credit series, we’ll talk about how far racial representation come since the early days of TV.

How COVID-19 deaths impacted Social Security Feb 19, 2025

We start today’s show with a grim reality: New research finds that the COVID-19 pandemic led to so many deaths — of people who would have withdrawn retirement benefits — that it resulted in a $205 billion net increase in the nation’s Social Security fund. Plus, a new lawsuit is trying to keep DOGE out of America’s tax returns, and the NAACP is calling for Black consumers to leverage their purchasing power.

What’s behind the UK’s spike in inflation? Feb 19, 2025

From the BBC World Service: The inflation rate in the United Kingdom has jumped to 3%, its highest level in 10 months. Rising food prices are partly to blame. Then, EU ambassadors agreed to a new round of sanctions on Russia, including a ban on some aluminum imports. And later, while Germany is the largest economy in Europe, it’s struggling. We see how the country’s mittelstands — small and midsized family-owned businesses — are faring.

The great federal data disappearing act Feb 18, 2025

Amid the cascade of directives from President Trump, some government datasets have become inaccessible. Researchers, economists and investors are among the people who rely on that data — and there’s a cost when it goes away. Plus, “we will see an increase by tenfold of people dying from AIDS.” We take a hard look at how disruptions to U.S. foreign aid are affecting lifesaving HIV/AIDS treatment and what happens if they aren’t resolved.

Drama over DOGE, Musk and Social Security Feb 18, 2025

The Trump administration is defending giving the Elon Musk-led advisory group DOGE access to the detailed tax records of all Americans. Presidential advisor Steven Miller says it’s about rooting out foreign fraud. Now, DOGE is reportedly trying to get access to Social Security records. We’ll unpack. Also on the program: New car sales dropped in January, and we’ll discuss some of the lasting effects that wildfires have on local labor markets.

Argentina’s president faces crypto fraud allegations, impeachment calls Feb 18, 2025

From the BBC World Service: Opposition politicians in Argentina want to impeach President Javier Milei after a short-lived promotion of an obscure cryptocurrency caused investors to lose thousands of dollars. We’ll hear more. Plus, Russia and the U.S. are meeting in Saudi Arabia for their first direct talks designed to end the war in Ukraine. And, we’ll learn how a lack of investment in Germany’s infrastructure has affected one town in East Germany.

A wager for the history books gives us a glimpse into our future Feb 17, 2025

One of the most famous bets in the past half-century — at least among economists — wasn’t about the Super Bowl or a presidential election. No, it was about whether five critical metals would be worth more or less between 1980 and 1990. Really, this was about innovation and how we consume natural resources. Researchers are now looking at this question all over again. What can we glean? Also: a frigid vault to preserve data.

How insecurity can worsen inequality Feb 17, 2025

One of the key themes of American life right now is uncertainty, whether it be from the rising cost of living, the toll of natural disasters or new policies from Donald Trump’s administration. Today, we’ll unpack how uncertainty and precarity can pave the way for deeper inequality. Plus, the Trump administration is considering the ocean floor as a mining source for critical minerals. We’ll hear about the opportunities the mining industry sees.

The arctic vault that hopes to preserve our data Feb 17, 2025

From the BBC World Service: Every day, our digital footprint is growing, but parts of it will be lost over time. To safeguard it for future generations, some are storing digital artifacts in the Arctic World Archive. We put on our headlamps and winter coats to learn more. Also on the show: Seoul bans China’s DeepSeek, Chinese President Xi Jinping holds high-profile meetings with business leaders, and Russia-Ukraine peace talks impact oil prices.

The slashing of the federal workforce begins Feb 14, 2025

President Donald Trump and advisor Elon Musk are intensifying their program to end the jobs of federal employees. A new strategy is to let go people on the job for less than a year, people with what is called “probationary status.” We’ll discuss. Plus, a new poll finds that a third of Americans have more credit card debt than emergency savings. Then, could labor unions help meet Colorado’s green energy goals?

Unlocking The Gates: How wrongs might be righted Feb 14, 2025

This week, as part of our “Unlocking The Gates” series, we’ve been covering the relationship between housing access and economic opportunity in the U.S. In this final piece, we hear directly from those involved in Minnesota’s efforts to tackle the inequity that keeps people locked out of the property market there. But first: the Trump administration has expanded its campaign to terminate the jobs of federal workforce.

Are British parents spending too much on baby formula? Feb 14, 2025

From the BBC World Service: The United Kingdom’s antitrust body is calling for standardized labelling and clearer information on baby formula to help parents save money. Also, global leaders are gathering in Germany for the annual Munich Security Conference. The big topic this year is Ukraine, which has offered the U.S. key minerals in a high stakes bid to secure support. And, are reusable water bottles turning into the next fast fashion?

Inflation could be lurking in your valentine tomorrow Feb 13, 2025

Wholesale inflation ticked up in January, as did consumer price inflation. Valentine’s Day is not immune from these inflationary pressures. The National Retail Federation expects record spending of nearly $28 billion for the holiday — meaning that heart-shaped box of chocolates is going to cost ya. Plus, the Trump administration is moving on to plans for possible layoffs of federal workers and is taking aim at energy efficiency standards for home appliances.

Unlocking The Gates: Racial covenants go national Feb 13, 2025

For our special series “Unlocking The Gates,” Marketplace special correspondent Lee Hawkins investigates how his family got into their house after a nighttime real estate deal allowed Black families to buy into a Minnesota suburb. Today, we’ll explore It’s about how racial discrimination in Minnesota became national policy after endorsement by wealthy business owners and powerful politicians. But first: There’s not much vacant retail space these days. What gives?

Nissan and Honda slam on the brakes Feb 13, 2025

From the BBC World Service: The Japanese car giants Honda and Nissan have abandoned plans for a merger, which would have created one of the world’s biggest carmakers. It’s been a long road to get here, but we’ll hear about how those plans fell apart. Also on the program: We’ll unpack what’s next in the United Kingdom’s biggest miscarriage of justice — the U.K. post office scandal.

The supply chain behind your Valentine’s Day bouquet Feb 12, 2025

This week, millions of fresh-cut flowers are arriving in the U.S., mostly from South America. Imports account for more than 80% of flowers sold here, and it’s a $2 billion industry. We’ll draw back the curtain on the supply chain for those dozen red roses for your sweetheart. Also: the latest consumer price index reading, tensions in the B Corps world and the foreign aid freeze’s impact on U.S. farmers.

Unlocking The Gates: A land transaction opens up a community Feb 12, 2025

This week, we’re kicking off “Unlocking The Gates: How the North led housing discrimination in America.” The special series from Marketplace special correspondent Lee Hawkins investigates the relationship between housing access and economic opportunity. Today, Hawkins explains how a secret nighttime business deal unlocked the gates of a Minnesota suburb for dozens of Black families — his own family included. But first, the Trump administration mulls shrinking federal agencies that regulate banking.

Canada and the EU could team up over tariffs Feb 12, 2025

From the BBC World Service: Canadian Prime Minster Justin Trudeau will be holding talks with European leaders in Brussels and warned they would work together to counter U.S. steel and aluminum tariff threats. Then, Goldman Sachs International scrapped a diversity rule that once barred the bank from advising all-male, all-white company boards on stock market flotations. Also, we look at how Spain is trying to combat disease threats to its olive harvest.

Did Trump’s 2017 tax cuts actually pay for themselves? Feb 11, 2025

Key parts of the 2017 tax cuts expire at the end of this year, and the Trump administration is interested in Congress making them permanent. Supporters of a tax cut extension say it would pay for itself. But was that the case in 2017? We’ll do the numbers. Plus, it may sound straight out of a sci-fi flick, but one bioscience firm is attempting to resurrect woolly mammoths, dodo birds and other extinct wildlife.

Elon Musk wants to take over OpenAI Feb 11, 2025

Elon Musk is leading efforts to buy artificial intelligence leader OpenAI, the maker of ChatGPT, for roughly $100 billion. OpenAI’s founder, however, is not interested. We’ll hear more about the unsolicited bid. Plus, the new head of the Consumer Financial Protection Bureau has ordered employees to stop work. We’ll look at the problems the CFPB was set up to solve. Also: how blue state republicans in the House could throw their weight around.

Are regulations holding back AI? JD Vance thinks so. Feb 11, 2025

From the BBC World Service: At an ongoing summit in Paris, U.S. Vice President JD Vance gave a speech to world leaders and tech bosses, criticizing what he views as overly-stringent European tech regulation. Plus, can leaders there agree to a declaration of goals regarding AI? And later, some co-operative farmers in Ireland are on the verge of an incredible windfall after selling shares in the Kerry Group.

It’s not just retirees who depend on Social Security Feb 10, 2025

Social Security, signed into law 90 years ago by President Franklin Roosevelt, is the financial foundation of retirement in America. But it’s not just those getting to retire who feel positive impacts from the retirement benefits — more children living with older adults are benefiting from Social Security too. Also on the show: new tariffs on steel and aluminum imports and a summit on artificial intelligence.

What to make of last week’s jobs report revisions Feb 10, 2025

The latest numbers on Friday showed that job creation was weaker than expected in January, but the survey of households found that unemployment fell slightly. There were also revisions showing that 100,000 more people got jobs in the last two months of 2024 than previously thought. Revisions are normal, but how should we read these? Plus, as part of our What’s That Like? series, we’ll hear an Air Force musician reflect on his career.

Trump tariffs: Next up, steel and aluminum Feb 10, 2025

From the BBC World Service: U.S. President Donald Trump plans a 25% import tax on all steel and aluminum entering the U.S. China, Canada and Mexico — some of the biggest suppliers — could be hit hard. Also: China’s trade flow shifted in response to tariffs, three Baltic nations cut ties with Russia’s power grid, and global leaders and tech bosses meet in Paris to figure out how to regulate artificial intelligence.

Presidential power over independent agencies Feb 07, 2025

President Donald Trump’s firings of dozens of government officials have raised questions about whether or not those moves are legal. As a continuation of conversations from earlier today, it could be part of a broader attempt to overturn a legal precedent regarding presidential powers over independent commissions. Also: Secretary of State Marco Rubio on fees for U.S. vessels entering the Panama Canal and the outlook for Honeywell’s aerospace spinoff.

What’s your vice? Feb 07, 2025

Chances are pretty good you’ve spent money on alcohol, drugs or gambling. That’s not just a good guess — a new Bankrate study said 84% of Americans spend money on at least one of the six most common “vices.” But turns out, age plays a major factor in your vice of choice. Also on the program: federal workers in limbo and one side of the debate over President Donald Trump’s firings.

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