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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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New Congressional Budget Office calculations suggest a difficult path ahead for Republicans as they seek to find billions in budget cuts. The figures show Republicans are unlikely to meet their cost-cutting goals without finding savings in health insurance programs that serve about 80 million low-income Americans and children. We’ll discuss. And later, we’ll parse out the current state of the job market and talk about the relationship between kids, social media and AI.
After the stock market closes today, Costco will release its latest quarterly earnings. While some retailers have backed away from commitments related to diversity, equity and inclusion, Costco has very publicly dug in. Will that affect the bottom line? Plus, Europe is going to be spending a lot more on defense. And later, we’ll get a preview of what the first jobs report under a new Trump presidency might look like.
1From the BBC World Service: Following Germany’s plans to change its fiscal rules, the yield on its 10-year bund rose at its steepest in nearly 30 years, while French and Italian bond yields also surged. New, U.S. tariffs have pushed American yields higher, as well. We chat about some of the latest developments. Also: an emergency European summit on defense spending and back-and-forth decisions to open up tourism in North Korea.
U.S. businesses added 77,000 jobs in February, according to payroll processing company ADP — a dramatic drop from the 186,000 it estimated for January. It comes as firms are concerned about the impacts of tariffs and the potential for rising prices. We’ll discuss. But first, the Consumer Financial Protection Bureau is dropping its lawsuit against Zelle. And later, we’ll hear what layoffs mean for the morale and productivity of workers.
The second Trump administration is reportedly working on a plan to dramatically reduce the workforce at the Internal Revenue Service. As much as half of the workers at the tax collecting agency could be let go through a combination of layoffs, buyouts and attrition. Also on this morning’s show: We’ll preview the spring break travel economy and hear why wealth informs how quickly those affected by the Southern California wildfires can rebuild.
From the BBC World Service: Germany’s future coalition partners want to relax its strict debt rules in order to boost the defense budget by billions of dollars. We hear more. Then, China announced a target of 5% economic growth this year at the annual meeting of the National People’s Congress. And, a group led by U.S. investment firm BlackRock looks to buy two key ports at the Panama Canal.
Tariffs are in place this morning against the United States’ three biggest trading partners: Canada, Mexico and China. First, we’ll unpack the industries likely to get hit hardest and pass those higher costs on to consumers. Then, we’ll hear how targeted countries are responding to Trump’s tariffs. And later: a look at how some colleges are preparing students to enter the workforce by teaching them to have civil political conversations.
President Donald Trump has implemented a 25% import tax on almost everything we buy from Canada and Mexico, and new tariffs on China doubled to 20%. This is forcing trading partners to adapt. On this morning’s program, we’ll hear from some Chinese manufacturers at an import and export trade show in Shanghai about how they’ll grapple. Then, DOGE’s cuts to the federal workforce bring the culture of a startup to government agencies.
From the BBC World Service: Fears of a trade war ramp up as tariffs go into effect on Chinese, Mexican and Canadian imports to the U.S., with more planned for Donald Trump’s second term. The increased duties on Chinese imports will affect a huge range of products from agricultural goods to toys – and are likely to raise consumer prices. Plus, an unexpected alliance could be forming in the electric car world.
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.
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.
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.
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?
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.”
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.
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.
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.
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.
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?
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.
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Get Fauci away from those chickens !!
Elite did a Maui on Pacific Palisades.
lack of imported labor raises labor costs, read opening the border and cheap labor pours in, the lower end workers make less money. How does that help the poor? Cesar Chavez was against the inflow border crossing cheap labor because it lowers the incomes of all but the corporations. Ask your Democrat politician why Biden hates labor. While you are at it, ask Nancy Polosi why she too hates having to pay the higher amount for local labor and insists on open labor borders.
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We don't need a Gavin Newsom to crash the United States of America like he is crashing California.
Have all the women kill simutaneously all the Talban men. Then go to university.
Being a Democrat is self harm.
Just have the most successful money launderer help with the cover-up, call Biden.
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Humanitarian aid to Gaza so they can repeat?
If I spent , borrowed, then dumped that borrowed money into the market, as much as the Federal government does, the inflation would grow exponentially. The key is that the inflation is based on the difference between taxes income and money spent. If government borrowing covers the over spending each borrowed dollar lowers the value of each dollar already in the market, since the tax income doesn't change. Ergo inflation. Consumer spending increases the market value by the exchanging of dollars.
Why not improve public schools rather than drag Private Schools down.
Using Biden style overseeing. See no Evil, Hear no Evil, Say nothing about the Evil, such as Biden's control over the FBI and the CIA. Nancy Pelosi must be proud of the use of child labour as she promoted border crossing of all the children to do various kinds of work. Can you list all the things children can do? I knew you could. Such a good neighbor.
Nothing like semi- slavery to save on labor costs. Elites develope vaccines to have low wage autistic laborers for duties that would have cost more for non-autistic labor. You missed a table.
Take the money and run, sounds like a Leftist. I didn't know Biden was an artist.
Hitler thought a war and Holocaust was worth getting art.
Downtowns anywhere in California are exposed to the security that is not provided by the Democrat political powers in California and the fear of Downtown attacks prevents wise businesses from operating in downtown areas.
Human trafficking is dangerous since you would be competing with the Biden administration directly as they are flying in and bussing in migrants themselves.
People, some of the 7,000,000 that left Venezuela, can tell Democrats why changing the USA to Socialism/Communism is so dangerous. Not the change they want but have been herded into.
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