What Trump’s tariffs will mean for the economy
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 3 February 2025
⏱️ 7 minutes
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Summary
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.
Transcript
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| 0:00.0 | Hi, David Brancaccio here. This week on Marketplace Morning Report, I was asked to share a personal |
| 0:06.7 | story. My wife and I worked on a plan to move back to California with two of our offspring living in the |
| 0:13.1 | Golden State. In November, we made that dream a reality when we purchased a cozy bungalow in the city of Altadena. |
| 0:20.5 | Just a few weeks later, our home, along with so many thousands of others, is in ruins, total loss. |
| 0:27.2 | This week, we return to survey what little the wildfire left and to start planning what might be next for us. |
| 0:34.1 | I'm learning a lot, and some of it may be useful to others rebuilding after disaster from |
| 0:38.4 | cleaning up the mess to navigating insurance, mortgages, taxes, to securing contractors and more. |
| 0:45.4 | Listen to Marketplace Morning Report wherever you get your podcasts. |
| 1:00.6 | We're watching Financial Markets the promise tariffs that will begin within hours. |
| 1:07.2 | I'm David Brancaccio in Los Angeles. President Trump is set to have calls today with the leaders of Mexico in Canada after the administration imposed new tariffs on imports from America's two largest trading partners, 10% on Canadian energy imports, 25% on everything else from both countries. |
| 1:18.7 | Also, under the Economic Emergency Declaration, moving China tariffs up by another 10%. |
| 1:24.6 | If this is a negotiating tactic, as some have suggested, there isn't much time. |
| 1:29.5 | The import taxes kick in just over 17 hours from now. Midnight Eastern, Marketplaces Novosafo has more. |
| 1:37.4 | The tariffs, President Trump announced effect a far bigger chunk of the U.S. economy than the ones he imposed during his first term. |
| 1:44.5 | It was larger and more forceful than we were expecting in our baseline forecast. |
| 1:51.3 | Kathy Bosjansik is chief economist at nationwide financial. |
| 1:55.3 | So depending if they actually do get inactive, and you see Canada and Mexico retaliate, as they've indicated |
| 2:04.1 | they would, that could shave about two full percentage points off of GDP growth. |
| 2:10.7 | That means the economy could see almost no growth this year and could potentially even dip into |
| 2:16.7 | recession, including job losses. |
| 2:19.4 | Inflation could increase perhaps about six-tenths of a percentage point, and in some areas, |
| 2:23.9 | prices would rise far more than in others. |
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