Make Me Smart

On today’s episode, Kimberly joins "Economics on Tap" from the Toronto airport. We’ll unpack President Trump’s elimination of a tariff loophole known as the de minimus exemption that went into effect today, meaning low-cost shipments will no longer enter the United States tariff-free. Without it, Americans could start to feel some serious tariff pain. And, President Trump is renewing threats to revoke Harvard University’s tax-exempt status. Plus, we’ll play a round of Half Full/Half Empty. Here’s everything we talked about today: -"Trump's tariffs come for fast fashion, and the blowback could be fierce." from Politico -"Harvard President Says Any Move to Revoke Tax-Exempt Status Would Be ‘Highly Illegal’" from The Wall Street Journal -"Trump aims to cut $6 billion from NASA budget, shifting $1 billion to Mars-focused missions" from CNBC -"Visit this store for a free iris scan to ‘prove’ you’re human, not AI" from The Washington Post -"MoviePass’ Next Big Bet: A Fantasy Box Office App" from The Hollywood Reporter -"A little retirement, as a treat" from Marketplace Got a question for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

This week, President Trump acknowledged his tariffs were resulting in costlier items in the U.S., but maintained his position that China was taking the majority of the heat. If people can’t afford to buy as much, might that be a recipe for recession? We’ll discuss, and answer a listener’s question on what exactly is a recession. Plus, how uncertain economic conditions might make someone reconsider a luxury cheese purchase. Here’s everything we talked about today: - Recession defined by the U.S. Bureau of Economic Analysis (BEA) - “Trump says US kids may get '2 dolls instead of 30,' but China will suffer more in a trade war” from the Associated Press - WATCH: “Trump says kids may get '2 dolls instead of 30' because of trade war with China” from the Associated Press - “Trump, on Tariffs, Says ‘Maybe the Children Will Have 2 Dolls Instead of 30’” from The New York Times - “Spending by American companies on computers in Q1 grew at the fastest pace since 1983” by Marketplace - Check out the Canadian cheese shop Kimberly mentions in this episode Join us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

The Commerce Department reported the U.S. economy contracted by 0.3% in the first quarter of this year. We’ll break down the GDP math formula and dig into what the latest report says about where the US economy may be headed. And, should businesses be transparent about the impact of tariffs on prices? A nixed plan from Amazon serves as a cautionary tale of the political risks. Plus, feeling stressed these days? Cow cuddling and bee therapy might help. Here’s everything we talked about today: -"Trump blames Biden after GDP shrinks in first quarter, says growth will 'take a while'" from CNBC -"Businesses weigh how much to tell customers about tariffs' impact on price" from Marketplace -"Trump-Bezos call sets stage for tense earnings report from Amazon" from CNBC -"Trump vs. Amazon’s Brilliant Tariff Idea" from The Wall Street Journal -"The Americans Fled Vietnam 50 Years Ago. I Visited the Buildings They Left Behind." from The New York Times "Anxious about the world? Cow cuddling or bee buzzing might help ease your stress" from The Denver Post Got a question for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

After declaring victory in yesterday’s Canadian election, Prime Minister Mark Carney said the “old relationship” with the United States is over. Over the past few months, President Donald Trump’s on-and-off tariffs and repeated annexation threats have caused Canadians to reconsider the United States as its leading trading partner and ally. But Patricia Goff, professor of political science at Wilfrid Laurier University, said the idea of disentangling the two economies is unrealistic. On the show today, Goff explains how Trump’s tariffs and annexation threats influenced the Canadian election, how Canadian industries are navigating the trade war, and what this all could mean for the future of the U.S.-Mexico-Canada trade agreement. Plus, we’ll hear a pitch for a new “Make Me Smart”-themed rear window sticker. And, what one psychologist got wrong about burnout. Here’s everything we talked about today: "Trump knows exactly what he just triggered in Canada" from CBC News "Liberal Bruce Fanjoy topples Pierre Poilievre in Carleton" from CBC News "Canada-U.S. Relations Continue to Reach Lows Over Tariffs and Annexation Threats" from The New York Times "Mike Myers Is Ready to Defend Canada" from The New York Times "Canada says its friendship with the US is ‘over.’ Now what?" From Politico "The future of the USMCA" from the Peterson Institute for International Economics We want to hear your answer to the Make Me Smart question. Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

On the show today, Kimberly joins us from an Ontario polling station on Canada’s election day. We’ll get into how President Trump’s trade war has shaped the federal election and may boost voter turnout. Plus, what Canadians are saying about boycotting American products and canceling their U.S. vacations. Here’s everything we talked about today: "Canadians vote today after fierce campaign shaped by Trump" from CBC News "Canada votes in an election upended by Trump. Here’s what to know." from The Washington Post "Canada’s Political Landscape Upended by Trump, Trudeau and Tariffs" from The New York Times Got a question for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Americans expect inflation to rise to 6.5% this year according to the University of Michigan’s latest consumer sentiment survey. That’s the highest outlook since 1981. We’ll explain why those high inflation expectations could be keeping Federal Reserve Chair Powell up at night. And, the deal filmmaker Ryan Coogler made with Warner Bros. to make his latest horror movie “Sinners” is anything but ordinary. Could it shake up the Hollywood studio system? "Trump administration reverses abrupt terminations of foreign students’ US visa registrations" from Politico "Ryan Coogler's 'Sinners' isn't just scaring audiences. It's scaring Hollywood." from MSNBC "Inflation expectations remain at highest level since 1981 even after Trump's 90-day tariff pause" "Pickle, a Fashion App, Lets Strangers Borrow Your Clothes" from The Cut "Subtitling Your Life" from The New Yorker "Is community fact-checking the future of social media moderation?" from Marketplace "The $20,000 American-made electric pickup with no paint, no stereo, and no touchscreen" from The Verge Got a question for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Today, we’re answering questions from our listeners about everything going on in this economy (we know, it’s a lot). Like, whatever happened to that bipartisan bill that would pass authority over tariffs back to Congress? We’ll get into the status of the legislation and how states are jumping into the fight. Plus, we’ll discuss the legality of the Trump administration’s funding freezes and how foreign trade zones are helping some companies avoid sky-high tariffs. Here’s everything we talked about today: “Congress gave presidents power over tariffs. They could aways take it back” from CNN Politics “12 States Sue Trump Over His Tariffs” by The New York Times “Trump says he has 'no intention' of firing Fed Chair Jerome Powell” from AP News “If Trump wants rate cuts, he would likely need to replace the Fed's full board along with Powell” by CNBC “How Congress — and not the president — controls how taxpayer money is spent” from Marketplace “Trump tariffs lead to surge of companies parking imports in tax-free 'foreign trade zones’” from CNBC “How Foreign Trade Zones In The U.S. Came Into Existence” by NPR Got a question or comment for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

The Overton Window is a concept that helps explain how the range of policies considered politically acceptable shifts over time. But have you heard of the “Ryssdal Window"? We’ll explain how it relates to what’s happening in the markets right now as president Trump hints at a possible change of heart on China tariffs. Plus, the FDA suspended a milk quality testing program. With less federal oversight, can private industries regulate themselves? And, the physics behind a great cup of coffee. Here’s everything we talked about today: "White House Considers Slashing China Tariffs to De-Escalate Trade War" from The Wall Street Journal "FDA milk quality testing program suspended after job cuts" from The Hill "‘Crazy’: Forest Service cuts ignite fear, fury over wildfire risks" from Politico "The Physics of Perfect Pour-Over Coffee" from The New York Times "Hegseth orders makeup studio installed at Pentagon" from CBS News Got a question for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Yes — Obamacare is before the Supreme Court, again. This time, the case centers on the legality of an advisory task force. Experts worry it could spell the end of an ACA mandate requiring insurers to cover certain preventative care services at no cost. But first: Secretary of Defense Pete Hegseth is caught up in another Signal group chat scandal. Plus, Paul Revere wasn’t the only midnight rider to warn that the British were coming. Here’s everything we talked about today: "‘An amateur person’: GOP Rep. Bacon says Hegseth should go" from Politico "Obamacare returns to SCOTUS, with preventive care on the line" from Politico "Court to hear challenge to ACA preventative-care coverage" from Scotus Blog "Kristi Noem’s Purse, With Security Badge and $3,000, Is Stolen" from The New York Times "Paul Revere Wasn't the Only Midnight Rider Who Dashed Through the Darkness to Warn the Patriots That the British Were Coming" from Smithsonian Magazine "April 18, 2025" from Heather Cox Richardson Got a question for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Stop us if you’ve heard this before: We’re in an unprecedented economic moment. But this time really is different. America’s place in the global economy is shifting. And what happens next is going to matter for businesses, consumers and you. Today, Kai Ryssdal’s popping into your feed with special coverage and reporting from Marketplace to help you make sense of the scale and scope of the economic change in real time. We count on you, our listeners, to help cover the cost of the reporting that you rely on. If you can, please donate to help keep Marketplace programming free and accessible for all.

Undocumented workers aren’t the only immigrants being targeted by the Donald Trump administration. Green card holders are facing deportation threats as well. We’ll discuss the far-reaching implications of Trump’s immigration crackdown, from the labor market to higher education in the United States. Plus, what Kilmar Abrego Garcia’s deportation case could mean for due process. And, we’ll weigh in on crunchy foods and living underwater during a round of Half Full/Half Empty. Here’s everything we talked about today: "Trump’s Immigration Crackdown Expands to Green Card Holders" from The New York Times Tweet from the White House "Colleges Fear Decline in International Student Enrollment" from Inside Higher Ed "A Young Generation Goes to Work for Mom and Dad Inc." from The Wall Street Journal "How crunch took over our taste buds" from Fast Company "The Techno-Utopian Seasteaders Who Want to Colonize the Ocean" from The New York Times "Fox Nation Plans Game Show About Isolated People Guessing What Trump Did In His First 90 Days" from The Hollywood Reporter Got a question for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Hey Smarties! Today we’re sharing an episode from our friends over at “How We Survive,” Marketplace’s climate solutions podcast. This season, host Amy Scott and the team dig into the rise of environmental, social and governance-based investing, or ESG, and the right wing backlash that followed. In this episode, the story of ESG’s start revolves around some unexpected players: rabbis, nuns and other faith-based investors.

In over a hundred years, no president has ever fired the chair of the Federal Reserve … yet! President Donald Trump says he could show Jerome Powell the door, even though Powell says he’s not going anywhere. We’ll explain why it might all come down to the Supreme Court. Plus: the economic conditions that led to the American Revolution. And, a smile-worthy photo reminds us it's never too late to try new things! Here’s everything we talked about today: “Trump: If I ask Powell to leave, ‘he’ll be out of there’” by The Hill Humphrey's Executor v. United States from Oyez “Recreating Paul Revere's ride from Boston 250 years later, 2 men prepare for landmark journey” from CBS News Boston “A Hall of Fame baseball player picked up photography in retirement. He captured one of the defining shots of the Masters.” by Business Insider Join us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

Since President Donald Trump took office, his administration has ignored court rulings on a range of issues from press access to deportations. Now, a federal judge might hold him in criminal contempt of court. We’ll unpack the Zeno’s paradox of constitutional crises. Plus, where luxury goods actually come from and why you may want to think twice before buying one. And if you’re looking to zone out, turn on the “Great Moose Migration.” Here’s everything we talked about today: @kyledcheney.bsky.social‬ on Bluesky “What happens if a president and the federal government fail to follow a judge's orders?” by NBC News J.G.G., et al., v. Donald J. Trump, et al. from the United States District Court for the District of Columbia “What to do in case of a constitutional crisis” by CNN “How is civil society responding to the US constitutional crisis?” from the Brookings Institution “Trump’s China tariffs spark viral TikTok work-arounds” from Fast Company “'Chinese Warehouse' TikTok Videos Urge Americans to Buy Directly From Them” from Newsweek “Ignore advice to buy direct from Chinese factories with DHGate, others” from The Washington Post “The ‘Great Moose Migration’ Livestream Captivates Sweden” from The New York Times Got a question or comment for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Happy Tax Day, folks. While you’re hitting “Submit” on your returns, lawmakers in Washington are negotiating over what next year’s Tax Day could look like. Congress is aiming to pack President Donald Trump’s promised tax cuts into one behemoth reconciliation bill. But Caitlin Reilly, tax and economics reporter at CQ Roll Call, said there’s a long way to go before making these promises a reality. On the show today, Reilly explains why Congress is pursuing “reconciliation,” the accounting magic lawmakers are using to make certain tax cuts look free, and how the House and Senate will square two drastically different mandates for spending cuts. Then, we’ll look into how Boeing is getting caught up in the U.S.-China trade war. And, a tax professor answers the “Make Me Smart” question. Here’s everything we talked about today: "House Republicans Passed a New Budget. Here's What's in It." from The New York Times "Senate GOP passes budget plan, setting up a critical next phase for Trump agenda" from NPR "House GOP adopts budget framework, paving the way for Trump’s ‘big, beautiful bill’" from Politico "'Current policy' debate dogs budget reconciliation efforts" from Roll Call "Your cheat sheet to Congress’ budget fight" from PBS Newshour "China Goes After Boeing, Tells Airlines Not to Order New Aircraft From U.S. Jet Maker" from The Wall Street Journal We want to hear your answer to the “Make Me Smart” question. Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Nearly a decade after Brexit, the British economy is still feeling the fallout. Now, President Donald Trump seems to be pulling from a similar playbook — with tariffs that could reshape the U.S. economy in eerily familiar ways. (Shocker, we know!) But first: Trump threatens to send Americans to prisons in El Salvador. The constitutional crisis alarm bells are ringing. Plus, poop in space is a bigger problem than you might think. Here’s everything we talked about today: "Trump again threatens to send Americans to prisons in El Salvador" from Axios "Fox Nation Plans Game Show About Isolated People Guessing What Trump Did In His First 90 Days" from The Hollywood Reporter "Trump admin shrinks federal Medicaid funding available to states" from Axios "HHS Lays Off All Full-Time Cruise Ship Health Inspectors Amid Illness Outbreaks: Report" from The Huffington Post "NASA offers $3M in competition to recycle human poop in space" from UPI "How Brexit, a Startling Act of Economic Self-Harm, Foreshadowed Trump’s Tariffs" from The New York Times "Meet the Comedian Putting Trump Voter Regret to Music" from Rolling Stone Got a question for our hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Amid this week’s tariff turmoil, U.S. stocks tumbled, U.S. Treasurys sold off, and the U.S. dollar weakened. Kai explains what this triple sell-off could mean for the future of the American economy. And, is the era of cheap stuff in America over? Donald Trump administration officials are arguing it’s a good thing. We’ll get into it. Plus, we’ll weigh in on penguin memes and using public phones during a round of Half Full/Half Empty. Here’s everything we talked about today: "Treasury Secretary Bessent says the American dream is not about 'access to cheap goods'" from CNBC "Cheap Consumer Goods Are the American Dream, Actually" from Bloomberg "The Trump administration says cheap goods aren’t part of the American dream. They’re wrong." from Vox "The bond market is acting weird. It spooked Trump" from CNN Business "After Trump’s Tariffs, Stocks Plunged but Penguin Memes Ticked Up" from The New York Times "More students opt for certificates as undergraduate degree earners decline" from Marketplace "A Frenzy at Trader Joe’s: ‘Everyone’s Here for the Tote Bags’" from The New York Times "The Masters offers public phones as alternatives to cellphones. Here's what attendees think" from Fast Company Got a question for our hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Today, it’s all YOU! We’re diving into the mailbag to play your voicemails, read your comments, and answer your questions after a wild week of tariff insanity. We’ll hear from YOU on how you’ve been riding the economic uncertainty. Plus, is Trump’s tariff pause, really a pause? And a listener shares what it’s been like teaching elementary students about tariffs. Here’s everything we talked about today: “US-China Trade War Tariffs: An Up-to-Date Chart” from the Peterson Institute for International Economics “The Fiscal and Economic Effects of the Revised April 9 Tariffs” from The Budget Lab at Yale Million Bazillion by Marketplace Join us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

The world woke up to a very different economy today. Then, President Trump announced a 90-day pause on his latest round of tariffs. The news was annouced as the official in charge of U.S. trade policy was testifying on Capitol Hill. We’ll break down the trade official’s tense exchange with lawmakers and the real consequences of this week’s market madness. Plus, we’ll laugh so we don’t cry about the economy. Here’s everything we talked about today: "U.S. Trade Rep. Testifies on Pres. Trump's Trade & Tariff Agenda" from CSPAN "Live updates: Trump orders 90-day pause on new tariffs except for China" from CNN Politics Bluesky post from Jeva Lange How are you coping with the tariff whiplash? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

You may be wondering whether the prices of your go-to products, from avocados to smartphones, will be raised by tariffs in the coming weeks. We hear you! On the show today, Martha Gimbel, executive director of the Budget Lab at Yale, gives us a broad view of the tariff landscape, how the prices of certain consumer goods could change, and how Trump’s trade agenda could impact the American economy in the long run. Plus, why a trade deficit isn’t necessarily a bad thing. Then, we’ll smile about the joy of listening to kids learn to talk. And, Carrie Lane, author of “More Than Pretty Boxes: How the Rise of Professional Organizing Shows Us the Way We Work Isn’t Working,” answers the Make Me Smart question. Here’s everything we talked about today: "Tariffs on China set to rise to at least 104% on Wednesday, White House says" from CNN Business "Stock Market Today: Dow, S&P 500 Swing Wildly; Trump Threatens More China Tariffs" from The Wall Street Journal "What is the status of the Trump administration's tariffs?" from Marketplace "Where We Stand: The Fiscal, Economic, and Distributional Effects of All U.S. Tariffs Enacted in 2025 Through April 2" from The Budget Lab at Yale "Trump Tariff Tracker" from the Atlantic Council Got a question or comment for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.