Marketplace All-in-One

U.S. GDP grew at a healthy clip in the second quarter of 2025. But a mathematical equation can’t convey nuance — like, say, six months of tariff chaos. Clear away the trade drama, and the country’s economic growth was more subdued. Also in this episode: The Fed keeps rates as-is despite historic “no” votes from committee members, crypto firms campaign for stablecoin to be the new credit card, and the private sector added about 70,000 service sector jobs in July. Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter. Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Transcribed - Published: 30 July 2025

The United Nations this week warned that “widespread starvation, malnutrition and disease” are contributing to a rise in hunger-related deaths across the Gaza Strip. This comes as the flow of aid into Gaza has slowed in recent months and the price of food has increased drastically. On the show today, Reema shares what life looks like for her family there right now. And, we’ll get into the growing international pressure on Israel to lift barriers that organizations have faced in delivering aid. Here’s everything we talked about today: "In Gaza, mounting evidence of famine and widespread starvation" from UN News"How Food Supplies in Gaza Have Dwindled Under the New Israeli Aid Plan" from The Wall Street Journal "The Gaza Humanitarian Foundation Can Feed Starving Gazans" from The Wall Street Journal "What’s Happening in Gaza? FAQ: Hunger and Humanitarian Aid" from World Food Program USA"A famine hasn't been declared in Gaza, but that may not matter, experts say" from ABC News"A conversation with Baba" from “This Is Uncomfortable” We love hearing from you. Leave us a voicemail at 508-U-B-SMART or email [email protected].

Transcribed - Published: 30 July 2025

This morning's GDP figure showed that the U.S. economy grew at an annual rate of 3% in Q2 — a higher-than-expected rebound. But there's more than meets the eye. "The headline number is showing the volatility in trade and imports and exports, but the numbers underneath are showing very much a slow slowing of the U.S. economy," says economist Kathryn Anne Edwards. We'll discuss. And later: South African entrepreneurs are bringing power generation within reach to lower-income families and small businesses.

Transcribed - Published: 30 July 2025

Friday is the latest deadline for the U.S. to sign trade deals with other countries, or else they'll face higher tariffs. The administration had promised 90 deals in 90 days when setting the later Aug. 1 deadline. But as of today, it's not 90 — it's more like six. Plus, under-16s won't be allowed to have YouTube accounts in Australia, and small businesses may be equipped to weather hard times in Michigan's cannabis industry.

Transcribed - Published: 30 July 2025

From the BBC World Service: The Australian government announced it will ban children under 16 from having YouTube accounts starting in December. The ban also limits young people's use of TikTok, Instagram, Facebook, X, and Snapchat. We'll learn more. Then, South Africa has long struggled with power cuts. Now, some companies are introducing pay-as-you-go backup power systems. And, a UN environmentalist warns that new Brazilian legislation aimed at streamlining major infrastructure developments will lead to more deforestation.

Transcribed - Published: 30 July 2025

Marketplace’s Meghan McCarty Carino speaks to Sayash Kapoor, a PhD candidate at Princeton and co-author of “AI Snake Oil." He says small tweaks to AI chatbots can often have big, unpredictable effects.

Transcribed - Published: 30 July 2025

Consumer confidence ticked up in June, according to The Conference Board. At the same time, confidence in the labor market weakened for a seventh consecutive month. In this episode, what good are a bunch of confident consumers if they're stressed about finding work? Plus: SNAP cuts will hurt grocery stores, Americans have to buy foreign goods if we want other countries to buy our goods, and tariff costs negate productivity growth benefits. Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter. Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Transcribed - Published: 29 July 2025

Along with some other federal agencies, the Trump administration has attempted to gut the Institute of Museum and Library Services. It’s a small agency, but public libraries across the country rely on its funding. The loss of federal grants isn’t the only thing these community hubs are up against. On the show today, Sam Helmick, president of the American Library Association, explains how public library funding works, the challenges presented by the shift to digital media, and what the culture wars look like on the ground at public libraries. Later, listeners share their thoughts on the new No Tax on Tips and Overtime laws. Plus, a librarian answers the Make Me Smart question. Here’s everything we talked about today: "The Trump Administration Is Threatening Libraries, Museums, and Other Nonprofits That Support the Arts, Humanities, and Learning" from the Center on Budget and Policy Priorities "Libraries are cutting back on staff and services after Trump's order to dismantle small agency" from AP News"1 big thing: Libraries' e-book battle" from Axios“No Tax on Tips” Is an Industry Plant" from The New Yorker  We love hearing from you. Leave us a voicemail at 508-U-B-SMART or email [email protected].

Transcribed - Published: 29 July 2025

President Donald Trump remarked offhandedly over the weekend that “we will not allow a windmill to be built in the United States.” Recent policy changes in Washington could indeed make it harder to build new wind power projects in the U.S., but it’ll still likely continue to be an attractive source of power. And later in the program, a dispute between Mexico and Texas over water is threatening to turn ugly.

Transcribed - Published: 29 July 2025

Two behemoths of freight rail are joining forces: Union Pacific is acquiring Norfolk Southern for $85 billion. The deal creates the largest freight rail network in the country and will attract the attention of antitrust regulators. Also on the show: U.S.-China trade negotiators meet in Sweden for trade talks, and the U.S. sets a new deadline for Russia to end its war in Ukraine or face new economic sanctions.

Transcribed - Published: 29 July 2025

From the BBC World Service: Parents in China are being offered a little extra help, about $500 a year for every child under three. It's the government's first nationwide subsidy in a bid to increase birth rates. State media says around 20 million families are eligible for the payments. But will it work? Plus, with northern Mexico in the middle of a severe drought, the country is falling behind on water deliveries to the U.S. promised by a treaty. The Trump administration isn't happy.

Transcribed - Published: 29 July 2025

In Canada, road freight is part of the backbone of the economy — historically moving about four-fifths of all goods across the country, with demand growing. But trucking is changing, with digital freight-matching platforms reshaping how drivers find work and how goods get delivered. The BBC’s Sam Gruet reports.

Transcribed - Published: 29 July 2025

Bridget and Ryan get swept up in a cyberpunk adventure as they try to answer Cooper’s question about how online data thefts can lead to real world consequences for your bank account. With the help of longtime friend of the program, Scam Slammer Host Brenda Hammer, the duo travel inside the internet to follow the trail of our digital bread crumbs, and see how advertisers and fraudsters get to know more about us than we might think.

Transcribed - Published: 29 July 2025

Since it’s unlikely the Fed will make any interest rate moves at this week’s meeting, it’s safe to assume rates will stay up for at least a while longer. That means potential borrowers are weighing whether to wait out the Fed or get access to capital now, despite the cost. In this episode, local bankers tell us about the current lending climate. Plus: The EU promises to increase U.S. energy spending, credit card issuers lean in to premium cards with high fees, and Congress makes major changes to vehicle fuel efficiency regulations. Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter. Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Transcribed - Published: 28 July 2025

Over the weekend, President Trump announced a new trade deal with the EU: 15% tariffs on most goods in exchange for the EU’s promise to purchase U.S. energy. But a court case brought by a group of small businesses could derail Trump’s tariff agenda. We’ll explain what’s at stake. Plus, a reminder to get outside and enjoy what nature has to offer. (But stay cool!) Here’s everything we talked about today: "EU-US tariffs: five key takeaways from the trade deal" from The Guardian"US and EU reach tariff agreement" from “Marketplace Morning Report” "EU's pledge for $250 billion of US energy imports is delusional" from Reuters "Japan Expects Only 1-2% of $550 Billion US Fund to Be Investment" from Bloomberg"Trump's economy faces historic week on interest rates, trade, jobs and more" from Axios"Trump's trade deals and tariffs are on the chopping block in court. What happens next" from CNBC"Texas buys land for new state parks that will be developed using $1 billion voter-approved fund" from The Texas Tribune "A 100-year-old on a bike? Yes. ‘The right to wind in your hair’" from The Washington Post  We love hearing from you. Leave us a voicemail at 508-U-B-SMART or email [email protected].

Transcribed - Published: 28 July 2025

High home prices and high mortgage rates have been holding buyers — and the market — back for a long time now. Now, economic uncertainty is shaping people's house hunt. More would-be buyers have paused their home searches recently, and there’s been a nearly 50% increase in people listing then de-listing their homes. Also: how markets are responding to the U.S.-EU trade deal, and how Chile's ramped-up lithium processing might impact the environment.

Transcribed - Published: 28 July 2025

Government data is at risk. Federal funding for the main statistical agencies, like the Bureau of Labor Statistics and the Commerce Department, has been tight for years. But since the Trump administration took office, threats to the availability and comprehensiveness of federal data have reached a whole new level — impacting everything from national health and crime statistics to key economic reports. We'll learn about the impacts. But first: a look at what's in the U.S. trade deal with the European Union.

Transcribed - Published: 28 July 2025

From the BBC World Service: EU leaders are being briefed today on a new deal with the United States that halves the tariff President Donald Trump threatened to put on European goods, but the compromise still means a 15% import tax on most products. And not everyone is happy with the deal. We'll hear more. Plus, lithium extraction uses huge amounts of water and can devastate local ecosystems. Can new technology make mining more environmentally friendly?

Transcribed - Published: 28 July 2025

Temperatures this summer have been hotter than usual, a trend we have come to expect with climate change as records are continually surpassed.  While many of us can ride out extreme heat in the comfort of air conditioned interior spaces, outdoor workers don’t have that option and must contend with the risks of serious injury which can be acute and long lasting.  A fast growing market for wearable cooling products, both in high tech and low tech varieties, is attempting to meet the challenge. Among those products is the CülCan, made by the Tennessee based small business Black Ice.   “If you can pull heat away from your hand, it'll cool your whole body down. And so that's what we've done with the CülCan. It's basically a five inch cylinder that contains our special coolant,” said Mike Beavers, co-founder of Black Ice.  A key selling point of the product, according to Beavers, is that the coolant inside, which is a chemical composition Beavers designed, doesn’t get as cold as ice, so it is easier to use on a person’s skin.  “You put it in ice water or a freezer… and then you just hold it in the palm of your hand,” he said. “That is now our most popular product. We sell tons of those things.” Beavers said his business has been growing by about 30 percent a year over the last three years, an acceleration from its previous pace. The company has been around for about 20 years.  Across the Atlantic, the Swiss company GreenTeg is also reporting growing demand for its continuous body temperature monitors, which are worn with a patch or a strap. The monitors are often employed by athletes who have to perform outdoors, said CEO and founder Wulf Glatz.  “So this device can communicate then with your smartphone,” he said, “and it will estimate your core temperature and broadcast that value to that device.” Being able to monitor core temperature can help with prevention. Unlike a simple thermometer which, if put against the skin, would only tell you the temperature on your skin, GreenTeg claims its monitors can measure the temperature inside the body. It is that core temperature that is key to whether someone is developing heat-related illness.  Glatz says there’s growing interest in his company’s technology. They’ve been approached by organizations representing firefighters, the military, miners and airfield workers.  “If there's an airplane landing, you need to unload the baggage. You can't wait for three hours for it to get cooler, but what you can do is to measure the individuals and really have them safe,” he said, “maybe you need to exchange teams in higher frequency, maybe you need to equip them with cooling gear.” Brett Perkison, an environmental and occupational medicine specialist at UTHealth Houston, tested one of GreenTeg’s monitors in combination with cooling vests. In a small study, he found the combination approach helpful in limiting heat related illnesses among outdoor laborers.  The problem with the personal cooling industry is that not all of the gadgets being sold to the public are proven to work.  For example, ones that use fans to cool the body, such as ventilated helmets, are unlikely to do much in humid environments, said Fabiano Amorim of the University of New Mexico, who has studied heat stress on outdoor workers in Brazil and the U.S.  “[Helmets with fans] can increase the comfort or let's say your perception to heat, but it's not reducing your temperature,” he said.  Not reducing core body temperature on hot days can have serious consequences. The number of heat-related emergency room visits in the summer of 2023 totaled 120,000, according to the CDC.  Heat stress can cause someone to get lightheaded and fatigued. More serious symptoms include seizures. Repeat exposure to heat stress  can permanently damage people’s kidneys, Amorim said. The condition can be fatal.  “We have seen people 40, 50 years old, [who are] dying from chronic kidney disease. And, they don't have any factor that's related to the traditional chronic kidney disease. That's hypertension, obesity and diabetes. And, the only history these people have is working under hot environments,” Amorim said.  Many people do not develop serious symptoms until it’s too late. That means employers must be proactive in employing cooling gadgets and strategies such as rest breaks in shaded areas, access to cool water, and access to bathrooms so workers feel confident in drinking plenty of liquids.  But while more tools to avoid heat illness are coming to market, companies are not racing to adopt them. Many do not have adequate heat stress prevention programs at all.  “There needs to be an acceptance by the business community, the public community, about the ramifications of heat stress. So I would hope that if we continue, instead of having 20% of businesses having an adequate heat stress prevention program, in 10 years, we'll have 80%,” Perkison said.  Adopting cooling gadgets as part of prevention programs faces hurdles. Aside from concerns over efficacy, there is also the problem of measurement. Perkison said it is hard to tell when someone is struggling with heat before symptoms start.  “There's not a lab value that we can get to identify when somebody has heat stress,” he said, which means that it is hard for companies to keep track of workers’ health and know when to take action, unless they use a digital monitor like the one provided by GreenTeg.  Mike Beavers, the Tennessee-based inventor of the CülCan, said he has been surprised by the diversity of his client base, including the many people with multiple sclerosis who are using it.  The disease of the central nervous system causes symptoms such as numbness and trouble walking which, for some, can worsen in heat.  “We had one guy write us a full one page letter handwritten that basically he was bragging about the fact that he could actually go out and cut his yard now,” Beavers said. 

Transcribed - Published: 28 July 2025

Dynamic or 'surveillance' pricing is a relatively common practice. But what's changed is the sheer volume of our personal data available online, and how good AI has become at connecting the dots. With news that Delta Airlines plans to use AI to set up dynamic pricing for a large share of its flights, Marketplace's Kimberly Adams explores how widespread this practice already is in other industries. But first: social media buzz sent an eclectic mix of stocks, or 'meme stocks,' on a volatile ride this week. We look at why traders are making such risky bets. Plus, a snapshot of how things are looking for mortgage brokers and farmers right now. Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter. Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Transcribed - Published: 25 July 2025

Earlier this week, President Trump announced a “massive” trade deal with Japan. But as Japanese officials clarify some of the terms, it’s not clear how concrete the deal actually is. We’ll explain. Also, some wealthy Democrats who stand to benefit from Trump’s tax cuts are rallying against them. Plus, we’ll play a round of Half Full/Half Empty! Here’s everything we talked about today: "Cracks widen in Japan and US’s interpretation of tariff trade deal" from The Financial Times "Trump’s Tariffs Are Being Picked Up by Corporate America" from The Wall Street Journal "Rich liberals do not want their big Trump tax cut" from The Washington Post"AI has come for the fragrance industry" from Marketplace "Want to pay down the national debt? The US government will take Venmo" from The Verge "Meme stocks have staged a surprising return" from Marketplace "Restaurants Are Trying to Tariff-Proof The Menu" from Eater We love hearing from you. Leave us a voicemail at 508-U-B-SMART or email [email protected].

Transcribed - Published: 25 July 2025

This week, President Donald Trump said the baseline rate for so-called “reciprocal” tariffs on countries around the world could now land somewhere between 15% and 50%, higher than what was previously floated. But according to Princeton international economics professor Gene Grossman, "it's not clear exactly what the purposes are, and many of them are in contradiction with each other." But first: Since the spring, oil rig count has dipped to near-pandemic lows. What gives?

Transcribed - Published: 25 July 2025

In an awkward visit to the Federal Reserve building, which is under construction, President Donald Trump continued to push for lower interest rates. But even if Trump had a compliant Fed, he wouldn’t necessarily get the lower borrowing costs he wants, because the central bank doesn’t directly control the rates the president is concerned about. We'll learn more. Also, we'll provide an explainer on what tariffs on products versus countries mean for the economy.

Transcribed - Published: 25 July 2025

From the BBC World Service: There were big trade talks in Beijing yesterday, where the EU raised concerns with China about trade imbalances and warned that China's close ties with Russia could damage relations. We'll provide an analysis of the summit and media coverage that followed. Then, we'll head to Paraguay, which has big ambitions to turn itself into South America's Silicon Valley, and where the government and tech firms are pitching the country's unique advantages

Transcribed - Published: 25 July 2025

NASA employees protest budget cuts, Google reportedly eyes licensing deals with 20 national news organizations, and President Donald Trump signed three executive orders on AI this week. Marketplace’s Kimberly Adams is joined by Jewel Burks Solomon, managing partner at venture firm Collab Capital, to break down these stories.

Transcribed - Published: 25 July 2025

President Trump wants lower interest rates now, but what could that mean for the economy? "Marketplace" host Kai Ryssdal speaks with Neil Irwin at Axios about the implications of Trump's push to cut rates, and why central banks should stay focused on stabilizing the economy, not helping the government manage its debt. Also on the show: One of the pieces passed in the GOP's sweeping budget bill was a measure that would end taxes on tips and overtime. We look at who qualifies and who doesn't. And later, how companies are viewing the cost and importance of business travel. Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter. Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Transcribed - Published: 24 July 2025

Republicans’ newly passed tax and spending law makes good on a promise President Trump made over and over on the campaign trail: No Tax on Tips and Overtime. But the change likely won’t have the drastic impact many workers think it will. Marketplace’s Kristin Schwab joins us on the show today to break down the nuts and bolts of how the tax breaks will work and how American workers and businesses could be affected. Plus, Kimberly’s cat Artax makes an appearance. Here’s everything we talked about today: "How the new "No Tax on Tips" and overtime laws work" from Marketplace  "No Tax On Tips And Overtime: What Workers Should Know" from Bankrate"Here’s A Tip: ‘No Taxes on Tips’ May Be Good Politics But Is Bad Policy" from the Tax Policy Center“An Illustrated Guide to Who Really Benefits From ‘No Tax on Tips’” from The New York Times Join us tomorrow for Economics on Tap. The YouTube livestream starts at 3:30 Pacific/6:30 Eastern. See you then!

Transcribed - Published: 24 July 2025

Rideshare app Uber is rolling out a new feature in LA, San Francisco, and Detroit, allowing women drivers and passengers to request to be connected only with other women. The company says the move is in hopes of improving safety and recruiting more women drivers. But first: U.S. steel producers raise prices in response to Trump's tariffs, and we take a look at how the housing market could be complicating the jobs picture.

Transcribed - Published: 24 July 2025

President Donald Trump is scheduled to visit the Federal Reserve this afternoon. The visit is the latest turn in Trump’s campaign to pressure the Fed to lower interest rates. It's highly unusual for a president to visit the Federal Reserve; most stay away in a nod to Fed independence. And later: Did you remember to send a card? It's the 100th birthday of a research lab to which we owe much of modern life: Bell Labs.

Transcribed - Published: 24 July 2025

From the BBC World Service: Indian Prime Minister Narendra Modi is in London sealing a major trade deal with the United Kingdom worth $6.5 billion. The agreement, billed as the biggest since Britain left the European Union, will slash India's tariffs on U..K goods from 15% to around 3%. We'll discuss the significance. Then, Armenia — a landlocked country of just 2.7 million people — is making big waves in tech, from coding labs and schools to startups.

Transcribed - Published: 24 July 2025

This story was produced by our colleagues at the BBC. High-flying and high-tech, the very latest in drone technology took to the skies over an airfield near the Danish city of Odense. At the International Drone Show, 50 exhibitors showed off their wares. And because more money is flowing into military budgets, the emphasis was on defense. Danish company Quadsat makes drones with satellite reading software. Besides civilian uses, the devices can also identify enemy radar. "Over the years, we have seen an increasing interest from the defense side, no doubt about that, and that's also where we have a lot of work currently being carried out," said Klaus Aude, Quadsat’s chief commercial officer. Leaders of the NATO military alliance have agreed to ramp up defense spending to 5% of their countries' economic output by 2035, following months of pressure from President Donald Trump. Nordic countries have already committed to bigger budgets. Among them, NATO’s newest members Finland and Sweden, as well as long time members Norway and Denmark. As Europe races to re-arm, drones are a sought-after technology. One estimate suggests the global market for defense drones is already worth over $24 billion, and could double by 2032. "The Nordics have always been very strong in drone adoption, drone development," said Kay Wackwitz, chief executive of Drone Industry Insights. "You can definitely see that those countries that have borders with Russia are really stocking up on those technologies. The commercial market is now struggling for its fourth year in a row with declining venture capital,” added Wackwitz. “And on the other side, we see a huge demand on the military end of things, which means a lot of companies are refocusing from the commercial space to the military space." In June, low-cost Ukrainian drones carried out an audacious mission, destroying dozens of prized Russian fighter jets in a conflict that’s reshaped modern warfare. North of Copenhagen in a hangar, Danish firm Nordic Wing makes drones used for battlefield surveillance and combat. Its customers are NATO countries, but they are largely destined for Ukraine, where “there was a huge need and a calling to have these systems helping on the front lines,” said Jonas Münster, CEO of Nordic Wing. “And therefore, the production went into overdrive. Now we have a European Union that is looking into what we've learned in Ukraine and realizing that we don't have a drone capability in Europe." With a 2,000-square-kilometer flying zone, the drone port in Odense has grown into a hub for tech startups. Next year, military personnel will also be training there at a new $110 million army facility. "Some militaries have actually made a shift from saying ‘every soldier is a rifleman,’ to ‘everyone is going to be a drone operator at some level,’” said Major Rasmus Ros, who’s part of Denmark’s Defense Command. “We're going to have drone operators in the whole joint military of Denmark. They can come here, get their basic training, share ideas and technology development, and then go back to their units and further develop that." But not everyone is so positive about this. Outside the trade fair, protestors chanted "drones for peace, not war." New geopolitical realities are reshaping this fast-paced industry. And as this technology advances, ethical and regulatory concerns over the use of AI to pilot drones are also being raised.

Transcribed - Published: 24 July 2025

Under the new agreement, American consumers will now face a 15% tax on Japanese imports — a major jump from the 1.5% rate set back in 2019. The White House says making imports more expensive will encourage more domestic production. But these tariffs could have the opposite effect when it comes to getting manufacturing back on American shores. Also on the show: AI infiltrates the perfume industry. But first, how a weak U.S. dollar is boosting earnings, and why companies are quiet about it. Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter. Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Transcribed - Published: 23 July 2025

President Trump announced a trade deal with Japan that will impose 15% tariffs on imports. Wall Street is happy, but it could put the United States in an awkward position as the Trump administration continues to seek other deals. Sabri Ben-Achour explains. Also, the federal government is leading a major deregulatory crusade. And they want your input. Plus, quilts and blooming plants make us smile. Here’s everything we talked about today: "Trump's Labor Department proposes more than 60 rule changes in a push to deregulate workplaces" from AP News"Trump Strikes Deal With Ally Japan Setting Tariff Rate at 15%" from BloombergListener Jen’s quilting Instagram We love hearing from you. Leave us a voicemail at 508-U-B-SMART or email [email protected].

Transcribed - Published: 23 July 2025

Later today, we'll get sales, profits, losses, and hints of the road ahead from Tesla. But its boss, Elon Musk, has had a lot to juggle as of late: Tesla, government cost-cutting, X, SpaceX, xAI, and now maybe even a new political party. We'll discuss what all of these various priorities mean for Musk, Tesla, and Tesla's shareholders. And later on the program: Could prefab homes help alleviate the housing crisis?

Transcribed - Published: 23 July 2025

At an artificial intelligence summit in Washington today, we'll learn more about the Trump administration's plans for guardrails to keep a potentially dangerous technology in line. Other topics likely to be addressed include the federal government's use of AI, energy-hungry data centers, loosened export controls on AI chips, and what the administration perceives as anti-conservative bias in tech. Also: what to make of Trump's trade deal with Japan, and what to expect from Tesla's Q2 results.

Transcribed - Published: 23 July 2025

From the BBC World Service: President Donald Trump has announced a deal with the world's fourth-largest economy. After weeks of tense negotiations, the U.S. will cut its import tax on Japanese cars and parts from 25% to 15%. The U.S., in return, will get $550 billion of investment from Japan. Plus, two former bank traders in the U.K. who allegedly manipulated interest rates have had their convictions overturned, and locals in Spain's Andalusia region are celebrating Sherry with a special competition.

Transcribed - Published: 23 July 2025

ProPublica has recently discovered blueprints for an automated computer program that could potentially share millions of IRS taxpayer records with ICE, as the Trump administration continues to step up deportations and criminal investigations. When Marketplace asked for comment about the system uncovered by ProPublica, a senior DHS official cited a recent memorandum of understanding that allowed for the sharing of specific taxpayer info with appropriate safeguards and said descriptions of this system as "surveillance" were "absurd." Marketplace’s Meghan McCarty Carino spoke with William Turton, one of the reporters on the ProPublica investigation, about how exactly this program would work.

Transcribed - Published: 23 July 2025

"Marketplace" host Kai Ryssdal speaks with Greg Ip at the Wall Street Journal about growing threats to the Federal Reserve's independence — and why it matters not just for the U.S. economy, but for financial markets around the world. Plus, why investors are chasing riskier bets, how Subway plans to revive flagging sales and what one city is doing to help robotaxis navigate around emergency vehicles. Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter. Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Transcribed - Published: 22 July 2025

Lately, tech companies like Meta have been putting hundreds of billions toward building new data centers to power their AI ambitions. Some communities have been pushing back, however, arguing these facilities strain local resources. But demand for data centers isn’t expected to slow down anytime soon. On the show today, Landon Marston, professor of civil and environmental engineering at Virginia Tech, explains what data centers actually are, why they require so much energy and water to operate, and how they can affect nearby communities. Plus, how can data centers become more sustainable? Later, reflections on Medicaid cuts and the power of journaling. And, a listener makes us smarter about “100-year floods.” Here’s everything we talked about today: "Their Water Taps Ran Dry When Meta Built Next Door" from The New York Times"Coreweave stock pops after company announces $6 billion AI data center in Pennsylvania" from CNBC"Meta's Zuckerberg pledges hundreds of billions for AI data centers in superintelligence push" from Reuters "How A.I. Is Changing the Way the World Builds Computers" from The New York Times"China Is Putting Data Centers in the Ocean to Keep Them Cool" from Scientific American ”The 100-Year Flood” from the U.S. Geological Survey We love hearing from you. Leave us a voicemail at 508-U-B-SMART or email [email protected].

Transcribed - Published: 22 July 2025

President Donald Trump has repeatedly attacked Federal Reserve Chair Jerome Powell for not lowering interest rates. But lowering interest rates at the wrong time can spark inflation, which is a burden on working-class families. Today, we'll discuss accountability, independence, and the Fed with Karen Petrou, financial analyst and co-founder of Federal Financial Analytics. And later: Tariffs are straining the relationship between the U.S. and Canada, and they're starting to impact border town tourism.

Transcribed - Published: 22 July 2025

Since the mid-’90s, employers have been using an online system to verify the legal right of employees to work in the U.S. That system often falls short, and now employers have been encouraged to recheck workers' legal status as the Trump administration has canceled work authorizations for hundreds of thousands of immigrants. But first: Universal Music Group is closer to selling shares on a U.S. stock exchange. And, how long will the housing market remain stagnant?

Transcribed - Published: 22 July 2025

From the BBC World Service: Drugmaker AstraZeneca says it’ll invest $50 billion in the United States by 2030, its biggest-ever manufacturing investment in the country. The AngloSwedish firm plans to build a major new site in Virginia, the latest in a string of big pharma bets on the U.S. as President Donald Trump threatens steep tariffs on drug imports. Plus, a bike shop boss reflects on business during the Tour de France.

Transcribed - Published: 22 July 2025

You might have heard Meta has been on a bit of a hiring spree recently as it tries to build out its new AI Superintelligence team. The company has reportedly been offering hundreds of thousands of dollars or more to attract leading AI researchers from rivals like OpenAI, Google and Apple. And it's not just Meta doing the poaching. Tech companies big and small are jumping into the AI Wars. Marketplace’s Meghan McCarty Carino spoke with Natasha Mascarenhas, a reporter at The Information, about the AI talent wars happening behind the scenes of Silicon Valley. More on this “Meta hires two Apple AI researchers for Superintelligence push, Bloomberg News reports” - from Reuters “Anthropic Revenue Hits $4 Billion Annual Pace as Competition With Cursor Intensifies” - from The Information

Transcribed - Published: 22 July 2025

Bridget and Ryan get a question from listener Deji - who wants to know, how much debt is too much debt? Before they can answer, the pair run into Ghost Pirate Blackbeard, who has the same question! Together, they learn more about debt, and what everyone, even a ghost pirate, needs to know before borrowing money. If your family is interested in learning more about the questions we answered in this episode, check out our website. We’ve got discussion questions and tips! This episode is sponsored by Greenlight. Sign up for Greenlight today at greenlight.com/million.

Transcribed - Published: 22 July 2025

We like to say it a lot here at Marketplace: the stock market is not the economy. But it can help tell us how the economy is doing — if people and businesses are spending or saving, investing or hunkering down. This week, some major companies will report their second quarter earnings, giving us insight into where this economy is headed. Also in this episode: how summer roadwork is hurting businesses in one Vermont town, and why health insurance premiums are going up next year. Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter. Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Transcribed - Published: 21 July 2025

Acting head of Immigration and Customs Enforcement Todd Lyons said his agency’s crackdown on unauthorized immigration will extend to employers as well. Industries that rely heavily on undocumented workers are pushing back. We’ll get into it. And, American consumers are spending in the face of tariff-fueled inflation fears. (For now, at least.) Plus, Korean beauty loyalists and summer camps for sewing make us smile. Here’s everything we talked about today: "ICE head says agency to crack down on American companies hiring unauthorized workers" from The Hill"Transcript: Acting ICE director Todd Lyons on "Face the Nation with Margaret Brennan," July 20, 2025" from CBS News"The U.S. Economy Is Regaining Its Swagger Despite Trump’s Tariffs" from The Wall Street Journal  "Teens Learn the Lost Arts of Sewing and Ironing at New Summer Camp Taught By Local Grandmas Staving off Loneliness" from Good News Network"A Year’s Worth of Mascara? Fans of Korean Beauty Stock Up as Tariffs Loom." from The New York Times "After Pledging to Keep Prices Low, Amazon Hiked Them on Hundreds of Essentials" from The Wall Street Journal    We love hearing from you. Leave us a voicemail at 508-U-B-SMART or email [email protected].

Transcribed - Published: 21 July 2025

While the new spending and tax law boosted the Child Tax Credit by $200, child care costs have risen 30% since before COVID. The U.S. spends less of its GDP on child care and pre-kindergarten than other industrialized nations, and many families face tough choices when confronting the cost of child care. Also on the program: a calm start to the week for financial markets despite political instability in Japan and a trade war.

Transcribed - Published: 21 July 2025

President Donald Trump wants to bring additional drug manufacturing to the United States and has threatened tariffs on imported medicine. The U.S. relies heavily on imports for low-cost generics, and building up domestic supply chain capacity could be tricky. We'll map out drug manufacturing and explore what it'd take to reshore drug supplies. But first: oil giants are eager to drill off the coast of Guyana, and the boss of an obscure regulatory agency is stepping down.

Transcribed - Published: 21 July 2025

From the BBC World Service: Japanese Prime Minister Shigeru Ishiba's governing coalition lost its majority in the upper house of parliament, but Ishiba said, with the threat of additional U.S. tariffs and rising inflation, he's not going anywhere. Plus, the European Union is ramping up efforts to avoid President Donald Trump's tariffs. An Aug. 1 deadline is looming, and retaliatory tariffs could be in the pipeline. And later, we'll examine the cost of child care in the U.S.

Transcribed - Published: 21 July 2025

With the passage of President Trump’s One Big Beautiful Bill, numerous Biden-era clean energy incentives will begin to phase out. Many of those incentives were aimed at onshoring energy and battery manufacturing.  Energy demand is only expected to rise as more data centers are built to service AI and electric and autonomous vehicles become more widespread. And storage for that energy has to come from somewhere.  Marketplace’s Meghan McCarty Carino speaks with Jeremy Michalek, a professor of Engineering and Public Policy at Carnegie Mellon University, about the impacts of the Big Beautiful Bill clean energy rollbacks. 

Transcribed - Published: 21 July 2025