Marketplace Morning Report (Marketplace)

The Trump administration is ordering a temporary pause of all federal grants and loans, which takes effect at the end of today. The order came in a memo from the Office of Management and Budget and leaves a lot of questions unanswered. Also, workers at a Whole Foods store in Pennsylvania have voted to unionize, and we look at how the Congressional Review Act could allow Republicans to roll back some Biden-era regulations.

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.

Today, it’s talk of tariffs. New import taxes on Canada, Mexico and China are set for midnight, although U.S. President Donald Trump plans conversations with Mexico’s and Canada’s leaders today. Prices for things like cars, electronics, foods and building materials are expected to rise as a result. We’ll also unpack how oil markets might deal with new tariffs and hear what the additional levy could mean for manufacturers in China.

Elvis Presley’s “Hound Dog” was a hit when released in 1956. But the original was recorded several years earlier by Big Mama Thornton. Today, we’ll hear learn about the economics behind recording and some of the Black artists who inspired the King of Rock ‘n’ Roll. But first: Your Temu, Shein and Amazon packages might be delayed. After new tariffs by the Trump administration, USPS says it’s suspending package acceptance from China and Hong Kong.

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?

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.

A record 47% of the European Union’s electricity is now generated by renewable energy sources. Saudi Arabia and China have also been investing in greener energy sources. In the U.S., however, President Donald Trump has pulled the country out of the Paris Climate Agreement and is pushing more fossil fuel development. We’ll discuss. Plus, we’ll talk about the potential trajectory of interest rates and the state of the airline economy.

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.

From the BBC World Service: Beijing has strongly denied U.S. claims that illegal drug shipments from China are a national emergency. In a formal complaint to the World Trade Organization over tariffs imposed by Washington, China dismissed the allegations as unfounded. Plus, Norwegian energy giant Equinor is cutting its renewable investment in half over the next two years, and The Sims video game turns 25 this week.

From the BBC World Service: After President Donald Trump slapped a fresh 10% levy on exports to the U.S. — that’s on top of an existing raft of tariffs — China has brought in some tariffs of its own. China’s government is also going to investigate Google’s activities there. Meanwhile, Canada and Mexico are off the tariff hook (for now). And, Panama has pulled out of China’s Belt and Road Initiative.

Several executive orders and actions by President Donald Trump order a freeze of federal funds that Congress has already approved. But according to the Constitution and the Impoundment Control Act of 1974, the president doesn’t have the authority to do that unilaterally. We’ll explain. But first, could a sovereign wealth fund help buy TikTok? And later, the climate crisis could shave off nearly $1.5 trillion in property values over the next 30 years.

From the BBC World Service: A lower-cost artificial intelligence chatbot from a Chinese start-up is fueling a second day of global tech stock sell-offs as investors flag concerns about AI advancements in China. U.S. President Donald Trump calls it a “wake-up call” for U.S. firms. And later: Is Elon Musk’s role in the Trump administration impacting brand decisions about advertising on X? We’ll hear more.

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.

President Donald Trump and First Lady Melania Trump launched meme coins of themselves just before the inauguration, which have made them billions — at least on paper, for now. While some in the crypto industry are happy over the attention it’s drawing to digital currencies, others are upset. Also on the program: a Chevron deference-free world in the Trump era and a question over federal aid to Southern California amid the wildfire emergency.

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.

Millions of federal workers have until Thursday to decide whether to accept a buyout promising pay through September if they quit now. The Trump administration styles it as a long, paid vacation, but the arrangement isn’t set in stone and unions are urging members against it. We’ll hear more. Also on the show: why lenders are rejecting so many applications for loans and why China’s tariff reaction includes an investigation into Google.

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 Federal Reserve briefing on the economy, jobs and interest rates is due later today. It is likely to be a quiet start to an eventful year for the central bank. Also on the program: why the prices of tech stocks are being impacted by China’s DeepSeek AI model. And later, we look at the latest in a case involving freight rail company Norfolk Southern and passenger railroad company Amtrak.

From the BBC World Service: The Reserve Bank of India has reduced its main interest rate by 25 basis points to 6.25%. It’s the first cut since May 2020 and is aimed at boosting growth in Asia’s third biggest economy. Then, the South African city of Johannesburg has long had a reputation for being dangerous, but a huge effort is underway to make it more livable and attractive to visitors.

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.

According to the PCE price index — a measure of inflation out Friday morning from the Bureau of Economic Analysis — prices in December rose three-tenths of 1%. That is the highest monthly change since April of last year. Some of that is due to the fact that energy prices have crept up. But if you take energy out of the equation, and food too, annual inflation has been sitting around 2.7 or 2.8% since July. Christopher Low, chief economist at FHN Financial, joins us to discuss. Plus, a look at consumer spending on durable goods and how OPEC+ will respond to Trump’s call for increased oil production.

There was a surge of job creation in December — 250,000 more people showed up on payrolls that month. After unemployment rose in the first half of last year, job-seekers are starting 2025 in a pretty good place. We’ll hear more. Plus, China strikes back against U.S. tariffs, and President Donald Trump wants Panama to make immediate changes to what he calls the “influence and control” of China over Panama’s Canal.

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.

Let’s review recent news about federal funding: Much of U.S. foreign aid is on hold. Federal grants and funding streams were frozen last week, but that was blocked by two different courts, and then rolled back by the White House. Still, some nonprofits have had to furlough workers and put projects on hold. Also: zooming in on the importance of 10-year treasury note yields and celebrating 25 years of The Sims.

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.

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.

Research scientists who get funding from the National Institutes of Health — the biggest funder of biomedical research in the world — have had key meetings about their grants canceled recently. There’s little clarity on why and whether it’s a temporary pause or something bigger. We’ll hear more. Also, we’ll be joined by Artis Stevens, President and CEO of Big Brothers Big Sisters of America, to learn about the economic payoff of mentorship.

From the BBC World Service: Global stocks are in the red after U.S. President Donald Trump followed through with his promise to place tariffs on Canada, Mexico and China, slated to go into effect at midnight. The European Union could also be in Trump’s sights. We’ll learn about the potential business impacts and how markets are responding. Plus, thousands of businesses in China have moved production abroad to evade Trump’s tariffs.

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 Trump administration rescinded an order freezing federal grants — but not foreign aid. That is still suspended for a 90-day review. While some exceptions have been made, some aid groups say lives could be on the line. Plus, The Economist magazine ranks Spain’s economy as the strongest in the world. The Spanish economy grew 3.2% in 2024, which was faster than growth experienced in France, Germany, Italy and the United Kingdom.

The average American tax filer spends more than $200 on tax prep each year, often through tax softwares like TurboTax, H&R Block or TaxSlayer. But the IRS has been piloting a free filing system, Direct File, and it’s now available to people in 25 states. Plus, consumers are more downbeat on the economy, and the Trump administration is offering a sort of buyout package to federal workers.

A new $7.4 billion settlement with states has been reached with Purdue Pharma and its Sackler family owners to settle lawsuits alleging that their drug OxyContin helped fuel the opioid crisis — but it still has to be approved by a U.S. Bankruptcy Court. We’ll learn more about all the deal entails. Then, we’ll discuss mortgage rates, job creation and immigration. And after, as Congress struggles with tech legislation, states aim to regulate online privacy

Fires in Southern California this month destroyed at least 16,000 structures. More than 9,000 of them were lost in and around Altadena — and that included the home of “Marketplace Morning Report” host David Brancaccio. David and his wife, Mary, provide a dispatch from the site and share what they’re learning as they look to rebuild. But first: what Big Tech CEOs are saying about competing with the Chinese AI platform DeepSeek.

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?

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.

From the BBC World Service: The Trump administration U-turn on tariffs and other sanctions comes as Colombia agreed to take back its citizens who were deported from the U.S. Then, a Chinese artificial intelligence start-up has released its largest language model to rival OpenAI and Meta, and it’s got the U.S. AI sector worried. Plus, we’ll look at the costs to clean up Guatemala’s polluted lakes and rivers.

From the BBC World Service: The British government announced that London’s Heathrow Airport will get a third runway. Chancellor Rachel Reeves says it’ll make the U.K. more globally connected as she pushes for growth in the economy. Then, countries in Africa are attempting to pull themselves out of post-COVID economic slumps. Yet one persistent economic challenge for many countries on the continent? They import a lot of food staples, such as cashews.

There are reports this morning of yet another lifeline for TikTok — this time involving an artificial intelligence startup called Perplexity AI. Over the weekend, President Donald Trump said a deal was in the works. A decision on TikTok’s fate could be made in the next 30 days. Also: why one Chinese AI firm is dragging down U.S. stocks and what all goes into water cleanup efforts in Guatemala.

President Trump says he’s still planning to impose import taxes on goods from Canada and Mexico starting tomorrow. In the past he’s floated a rate of 25%, but there could be exceptions. Later on the show, “Marketplace Morning Report” host David Brancaccio continues his dispatch from Altadena, where he and his wife, Mary, lost their home. Yesterday, David looked at a key constraint on rebuilding: where will Californians find the contractors needed with the skills to build from the ground up? Today, he looks at building community.

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.

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.

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.

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?

From the BBC World Service: The U.S. Postal Service has stopped accepting parcels from China and Hong Kong, just as new tariffs from President Donald Trump kick in. It’s a surprising escalation in the U.S.-China trade war that would impact millions of packages flowing into the U.S. from companies like Temu and Shein — and it’s hit markets hard. Then later: Is Germany’s generous sick leave policy impacting its economy?

From the BBC World Service: The Indian finance minister is set to unveil the country’s annual budget on Saturday, but keeping India’s rapid growth on track won’t be easy. But first, are we going to see tariffs on Canada and Mexico? President Trump is expected to follow through on his plans to impose tariffs on the two countries starting February 1.

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.

President Donald Trump is imposing new tariffs on imports from the U.S.’s largest trading partners, Canada and Mexico: 10% on Canadian energy imports and 25% on everything else from both countries. We’ll preview what some of the ripple effects could be. Also on today’s show: Gold is rushing from London to New York, and Elon Musk’s DOGE commission now has access to the Treasury Department’s payment system.

From the BBC World Service: The European Central Bank is expected to cut interest rates today to give a boost to the eurozone’s sluggish economy. As major economies like France, Germany and the United Kingdom struggle, Spain’s growth outstripped the eurozone last year. What’s the key to its success? Also, the artificial intelligence showdown continues as China’s tech giant Alibaba unveils its own AI chatbot. We’ll discuss.

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.

Newly-installed Treasury Secretary Scott Bessent says that when it comes to interest rates, he and the president are less worried about what the Federal Reserve will do and more focused on one particular number: the 10-year treasury yield, which affects consumer borrowing costs. We’ll hear more. Also on the show: USAID supporters rallied on Capitol Hill yesterday, and the climate crisis is driving up business insurance — including at ski resorts.