I don't want to be a downer here, but we are all going to wake up tomorrow in a whole different economy.

From American public media, this is Marketplace.

In Los Angeles, I'm Kyle Risnell.

It is Tuesday.

This one is the 8th of April.

Good as always to have you along, everybody.

It is possible.

It's desperately unlikely, but it is possible.

That between the time this program gets put to bed and the time you hear it, that President Trump will have changed his mind, that he'll have reconsidered the damage he's doing to global trade and the American economy.

But we here cannot predict the news. We can only tell you what the news is. And the news is that at midnight tonight, the president's

tariffs take effect, and the whole global trade ballgame is going to change. Some of those

changes actually have already started happening. Sabri Beneshore told us yesterday about the

yield on two-year treasury notes, how it's been falling on expectations of a weaker economy over the

next couple of years. Those exact same concerns are playing out in the corporate bond market, too.

Over the past couple of days, the issuance of corporate debt has slowed to a crawl.

Things are so slow that some traders are saying the corporate bond market has effectively

shut down. Marketplace is Justin Ho gets us going with what that is telling us.

The problem with the corporate bond market is uncertainty.

If you don't know what XYZ companies' profits are going to be six months from now,

you're probably going to charge more in order to lend to them.

That's Guy Laban, Chief, chief fixed income strategist at

Janney Montgomery Scott. He says companies feel it when their borrowing costs increase,

...