Tariffs come for your morning cup of Joe

Marketplace All-in-One

Marketplace

News, Business

4.8 • 1.3K Ratings

🗓️ 26 August 2025

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Americans drink some 450 million cups of coffee each day. Coffee beans from Brazil face a 50% U.S. import duty. And while President Donald Trump's tariffs aim to reshore American production and manufacturing, coffee beans can't really be grown around the U.S. We'll hear what sort of trouble's brewing for coffee sellers as a result. But first, we'll break down the attempted firing of one of America's central bankers.

Transcript

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1:02.1	When a president says a central banker is fired, but she's not. I'm David Brancaccia. President
1:09.8	Trump says he is immediately firing Federal Reserve Governor Lisa Cook for alleged mortgage fraud. Cook says she's not leaving in evidence for the allegation. If any, has not been shared publicly. And unlike, for instance, the head of the President's Council of Economic Advisors, Cook does not serve at the pleasure of the president.
1:28.6	And experts say she can only be removed if cause is established.
1:32.6	Marketplace Washington correspondent, Nancy Marshall Ginsburg, joins us now.
1:36.4	What's the claim regarding Cook?
1:39.1	Yeah, Trump is referring to allegations that Cook claimed two houses as her primary residence on mortgage
1:45.3	applications. Mortgage rates on second homes can be higher than rates for your primary
1:50.1	residence. But the Banking Act of 1935 says Fed governors can only be fired for cause, and it's
1:56.6	not clear that even if Cook did this, it would be cause enough to fire her. And Cook says she's
2:02.9	not stepping down. What's the next step? Maybe court? It certainly looks that way, David.
2:09.7	In a statement through her lawyer, Cook says no cause exists for her firing. Trump does not
2:15.6	have the authority to remove her, and she'll continue to
	...

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