Marketplace Morning Report

KPMG chief economist Diane Swonk offers a bleak prognosis for the economy after President Donald Trump’s across-the-board tariffs. The risk of a recession has gone up, she says, as has the risk for stagflation. And the job of the Federal Reserve just got much harder. We’ll also learn how the cost of those tariffs will be passed onto consumers and hear a conservative take on tariffs and industry reshoring.

34%. 32%. 24%. 20%. Those are the additional tariff rates on — in order — China, Taiwan, Japan and Europe that President Donald Trump has imposed. Stock markets are down hard. This morning, we’ll parse how key U.S. trade partners are responding to new duties on goods and hear what all this means for everyday consumers. Also on the show: Why haven’t higher interest rates slowed the job market?

From the BBC World Service: With tariffs imposed by the U.S. on economies across the globe, we’re gathering reactions from some of the countries affected. China is vowing to fight back while Europe is collectively mulling over how to respond. Some of the world’s poorest countries will be hit hardest — Cambodia and Laos among them. But there could also be opportunities as trading strategies shift and new partnerships emerge.

Carmakers say sales soared last month as buyers snapped up vehicles in attempts to get ahead of the tariffs President Donald Trump is set to announce later today. Vehicle sales could fall after tariffs are implemented and car prices surge. Plus, U.S. businesses went on a hiring spree in March. How exactly can jobs affect interest rates? We’ll discuss. Then, we’ll look at how London’s millennium-old Borough Market has evolved to serve modern tastes.

President Donald Trump is slated to unveil a slew of tariffs today, though we don’t know exactly how high these import taxes will be. What we do know is that a lot of U.S. allies are promising to retaliate in what could be the start of a far-flung trade war. And later: why J&J is in bankruptcy court for its talc suits and how credit card swipe fees are hitting bottom lines.

From the BBC World Service: Finland is planning to boost defense spending by $3.2 billion because of security worries. The Nordic country has seen a boom in its defense tech industry since the start of the war in Ukraine. Plus, we’ve been visiting marketplaces as part of our special “Tricks of the Trade” series. This time, we’re at London’s Borough Market, which attracts 20 million visitors a year.

Rocket — the company behind Rocket Mortgage — has struck a $9.5 billion deal to buy Mr. Cooper, a company that focuses mainly on collecting mortgage payments. That comes less than a month after Rocket bought online real estate brokerage Redfin. What’s behind the buying binge? Then, as part of our ongoing Tricks to the Trade series, we hear tips and reflections from flower purveyors at London’s New Covent Garden Market.

Some restaurants are still digging out of the hole the COVID-19 pandemic put them in. Many took on debt to survive the pandemic when they had to shutter; others have debt from before. The costs of those loans are still weighing on many restaurants — especially smaller establishments. We dig in. Also on this morning’s show: the war on ticket scalping, Vietnam’s slashed import duties and a delay in a Panama Canal port deal.

From the BBC World Service: As countries wait for confirmation of U.S. trade tariffs, Vietnam has cut import duties on a range of goods, including cars and some agricultural products. Washington’s trade deficit with Vietnam is the third highest of any country, but Vietnam is reliant on manufactured exports. Plus, a trip to the U.K.’s largest flower market and the unsigned U.S.-Ukraine minerals deal.

On Wednesday, President Donald Trump is expected to announce a tsunami of new tariffs that will apply to all countries. Markets are down sharply here and abroad today in response. We’ve known that these reciprocal tariffs are coming for a while, so why the sharp market reaction now? Also on the program: a bitcoin mining operation in Zambia and a trial involving Norfolk Southern over the 2023 train derailment in East Palestine, Ohio.

This morning, global markets are cratering after President Donald Trump said that new tariffs set to be announced this week will impact essentially all countries. Meanwhile, a key inflation gauge came in hotter than expected on Friday, and consumers have become increasingly cautious about spending. All of this has investors worried. Plus, the host of Marketplace’s “Financially Inclined” podcast joins the show to discuss what you need to know before starting your own business.

From the BBC World Service: Stock markets in Asia took a hit as traders look ahead to U.S. President Donald Trump’s so-called “liberation day” on April 2, when a raft of tariffs are expected to be announced. Plus, a court in Paris has convicted Marine Le Pen of embezzlement, and a cryptocurrency company plans to roll out small power plants to rural villages in Africa to provide electricity and mine for bitcoin.

The current economic landscape, marked by tariffs and other policy-driven uncertainty, could be a particularly difficult one for Fed decision-makers to navigate in the next few months. We chat with Susan Schmidt, Portfolio Manager at Exchange Capital Resources, about the latest inflation data and what it means. Plus, federal worker unions are pushing back against the Trump administration’s rollback of collective bargaining rights for government employees. And, the BBC’s Sam Gruet reports on how Canadian businesses are reconsidering their partnerships with U.S. businesses amid tensions between the two countries.

Student loan borrowers saw a bit of a reprieve during the pandemic and the following years, with many lenders stopping repayment obligations and freezing interest accrual. That party is now over, and holders of student debt are under increasing financial pressure amid more widespread economic uncertainty. Plus, a look inside Congress to see why Republican lawmakers are looking to overturn Biden-era rules limiting banking fees. And, the latest mortgage rate data may suggest a loosening in the housing market, but some experts advise against drawing any premature conclusions.

From the BBC World Service: As Canada’s prime minister, Mark Carney, says the U.S. is no longer a reliable partner, Canadian businesses that work with American companies are facing a tough decision: continue their trading relationships or try to bring more operations and supply chains home. Also, as card payments rise, the UK sees an unintended benefit for children’s health.

President Donald Trump announced 25% tariffs on cars, trucks and auto parts imported into the U.S. This is on top of other import taxes already in effect. Analysts say tariffs will affect a broad swath of the vehicles sold in the U.S. — both foreign and domestic. Also on the show: how executive actions can complicate financial planning, why applications for income-driven college loan repayment plans were reopened, and how to boost civic engagement.

Supporters of the U.S. Agency for International Development are heading to Capitol Hill today to lobby lawmakers. The cutting of budgets and jobs at USAID has derailed aid programs globally. Aid groups say even life-saving humanitarian programs the State Department had promised to protect are faltering. Children, especially, could suffer. Plus, the heads of NPR and PBS appeared at a House hearing yesterday. We’ll unpack and add context.

From the BBC World Service: The global auto industry has been rocked by sweeping 25% tariffs on all imports of cars and car parts to the United States under President Donald Trump. Then, Britain is facing issues familiar to many major economies, including a stretched budget, but the U.K. finance minister has set out how she plans to keep the finances in the black — all while upping defense spending.

Bloomberg News is reporting that the Trump administration is considering implementing tariffs on copper, in addition to steel and aluminum. Companies that buy metal for their products are facing higher prices from both foreign and domestic suppliers. Also on the show: a potential ceasefire in the Black Sea agreed to by Russia and Ukraine and a case before the Supreme Court that involves the digital divide and the power of federal agencies.

A year ago this morning, Baltimore’s Francis Scott Key Bridge collapsed after being hit by a container ship. Six construction workers died, a crucial highway link was destroyed, and shipping at the Port of Baltimore was disrupted for weeks. How have businesses in and around the Port been faring? Plus, Napster may turn into an immersive metaverse for music, and job applications from current and former federal employees are up 50%.