Marketplace Morning Report

The president made the case for the Iran war, and markets were not impressed. After President Donald Trump's address to the nation last night, the price of oil went up, and stocks went down. This is a total reversal of what markets were doing going into the speech, when stocks rallied, and oil prices fell. We'll get into it all and provide some key takeaways. Then, Marketplace's David Brancaccio takes a trip to a West Hollywood pawn shop.

A year ago today, the president pulled out a chart in the now paved-over Rose Garden and set the global economy on fire. He announced his so-called “Liberation Day” tariffs, which changed a bunch of times before being deemed illegal by the Supreme Court earlier this year. And those tariffs were mostly paid by us — consumers and small businesses. Plus, just how worried should we be about jitters in the private credit market?

Chinese electric vehicle maker BYD told analysts it's confident it can sell 1.5 million vehicles outside of China this year. Chinese EVs are advanced and affordable, making them increasingly popular in the global auto market. That can't be said for the U.S., however, which is effectively shutting out Chinese EVs with 100% tariffs. This morning, what does the U.S. economy stand to lose if we don't let Chinese cars in? But first, markets are feeling confident despite ongoing fighting in the Middle East.

President Donald Trump is scheduled to address the nation about Iran tonight. He told reporters yesterday that the war could wrap up in two to three weeks. Meanwhile, Iran has issued a new threat against 18 U.S. businesses operating in the region, including Microsoft, Google, Intel, Tesla, and Boeing. The war is also having dire effects on energy in South and Southeast Asia. Plus, how much is air travel being impacted by rising jet fuel costs?

The United States is finally allowing Russian oil to be delivered to Cuba after months of what has basically been an energy blockade imposed by the U.S. The blockade has caused nationwide blackouts, severe fuel shortages, and shutdowns of schools and nonessential businesses. The BBC's Will Grant joins us for more. Then, we head to Boston, where one of the oldest trade schools in the country is teaching students skills like piano-tuning, locksmithing, and violin-making.

The average price of gasoline is now above $4 a gallon for the first time in three years. Some analysts say that's a key psychological barrier, above which consumers begin to shift behavior and cut back on spending. Plus, the spike in oil prices we've seen may more than completely offset the fiscal boost from this year's tax refund, and roughly a third of people trading in their old cars are underwater on their car loans.

Domestic migration in the U.S. has been declining for decades. This morning, we'll look into who's still moving, what factors drive their decision, and what's behind the shift. Plus, do wealthy people really flee to tax-friendlier pastures when their taxes go up? But first, there's a sort of backup plan for the oil supply, but the ongoing war in the Middle East means it could soon be under threat, as well.

Oil prices continue their upward climb amid conflict in the Middle East. The international benchmark Brent crude is now $115 a barrel; on Friday, it was $105. Brent is headed for its biggest monthly climb ever, and this morning, there are concerns about additional disruptions to oil shipments through another key route. We'll unpack. Also: a looming helium shortage and a search for ways to mitigate threats to humanity.

The U.S. national debt crossed $39 trillion last week, and it's growing fast. Racking up the most recent $5 trillion of that total only took two years. Now, a new survey finds that Americans' fiscal confidence is the lowest it's been in a couple of years. Also on this morning's show: Anthropic gets a (temporary) win in its fight with the Pentagon, and commuters reflect on two years without Baltimore's Francis Scott Key Bridge.

The Trump administration is reviewing the United States-Mexico-Canada Agreement, which comes up for renewal this year. The USMCA replaced NAFTA, was an economic cornerstone of President Donald Trump's first term, and accounts for more than $4 billion worth of cross-border trade. Thing is, it didn't live up to its promises of spurring manufacturing jobs. What might come next? But first, we dig into the anxiety that comes with surviving multiple rounds of layoffs.

People in the U.S. send a lot of money abroad: In 2024 alone, about $93 billion in formal remittances were sent overseas. However, a new federal remittance tax imposes a 1% levy on certain transfers. While a 1% tax may not sound substantial, it can drive up the price of sending money and hit unbanked individuals hard. We dig in. But first, the U.S. dollar has been gaining strength. Why is that happening?

Population growth is slowing in most counties in the U.S., according to new population estimates from the Census Bureau. During that time, 310 of the 387 U.S. metro areas had slower population growth, with dramatic declines along the U.S.-Mexico border. This largely has to do with a big decrease in net international migration. Then, later in the program, we have a deep dive into the current state of the pawn shop economy.

TSA agents have been working without pay for more than a month, while ICE agents have started arriving at airports to assist with security lines. Today, we'll hear what reps for TSA agents have to say. Plus, from "Marketplace Tech," the Commodities Futures Trading Commission is looking at new rules for prediction markets like Kalshi and Polymarket. Then we'll help you make sure you're not leaving money on the table when doing your taxes this year.

Fuel costs can be vulnerable during geopolitical conflict. The war in the Middle East has sent shockwaves through energy markets. Over the past two weeks, oil and gas prices have been on a bit of a rollercoaster. This morning, we'll delve into what vulnerability and the lack of price stability for oil could mean for countries' renewable energy investment. Then, new data shows rent prices edging up after months of falling.

The Treasury Department is holding several government bond auctions this week. Treasury auctions can tell us a lot about the interest rates investors are demanding to be paid, which in turn can tell us about what investors expect the economy to do in the future. We'll also learn about a ban on foreign-made consumer routers. Plus, from Marketplace's "This Is Uncomfortable," should I turn my hobby into a side hustle?

Starting in mid-June, soccer fans will flock to 16 cities across North America for the World Cup. Each match will draw tens of thousands of fans, many of whom will take public transit. That's spurred transit agencies in host cities to expand service or finish big infrastructure projects. We'll learn more. But first, a quick update on the Middle East and a look at changes to the state and local tax deduction.

It's tax season. Therefore, it's also tax scam season. A new McAfee survey finds nearly one in four Americans has been a victim of a tax-related scam, and AI is only making scams more convincing. This morning, we'll share what to look out for and how to stay safe. Also, the uncertainty of war in the Middle East means that safe haven investments aren't acting all that safe, and a San Francisco jury decided that Elon Musk defrauded Twitter shareholders during takeover negotiations.

Top brass at the most consequential energy companies in the world are meeting in Houston this week for the annual CERAWeek. Energy industry leaders are meeting at a time when war in the Middle East has caused a major disruption in the global supply of oil and gas. We'll hear more. Then later, exactly how concerned should we be about artificial superintelligence? We'll jump in with the president of the Machine Intelligence Research Institute.

If you're traveling in the next week or so, get to the airport early. Airport security lines are growing as workers with the Transportation Security Administration go without pay during the partial government shutdown. Nearly 50,000 TSA workers missed a paycheck last week, and if Congress doesn't act, they could miss another one next Friday. Then, we'll dig into how wide salary ranges on job postings can influence an applicant's approach to negotiation over pay.

The Postal Service says it's facing a "severe financial crisis." Postmaster General David Steiner testified before a House subcommittee this week and said that the USPS was struggling and could “be out of cash in less than 12 months” unless something changes. Today, we check the finances of the postal service. And later, war in the Middle East is driving up fertilizer and diesel costs, worrying U.S. farmers during planting season.

Iran attacked critical liquefied natural gas and oil infrastructure in Saudi Arabia and Qatar, including a major source of gas for Europe. It was retaliating in response to Israeli strikes on a gas field that supplies a lot of Iran's domestic energy. This morning, we delve into what it means for the price of oil, precious metals, government bonds, and more. Plus, we learn how China's entry into the World Trade Organization impacted local U.S. banks.

War continues to rage in the Middle East, and energy infrastructure is being targeted. The price of oil has surged to $115 a barrel, and gas in the U.S. is now averaging $3.88 a gallon — up almost a dollar from before the war. President Trump recently waived the Jones Act in an attempt to lower oil prices. Will it work? Also: what's next for the Federal Reserve, and where U.S.-China relations currently stand.

The supply chains of gold and precious gems are notoriously difficult to track. Human rights abuses and environmental devastation are often at the root of the work. This morning, we'll hear the story of one jeweler trying to change this by bringing women together from regions scarred by conflict to create a more ethical business model. But first: Microsoft is considering suing Amazon and OpenAI, and we look at what's behind a run on red yarn.

Why not report earnings twice a year? The Securities and Exchange Commission is preparing a proposal to eliminate the requirement for publicly traded companies to report quarterly earnings, according to The Wall Street Journal. It's a move that companies are cheering, but it also means less transparency for investors. Also on this morning's show: a preliminary deal between the WNBA and its players' union, and what older adults should keep in mind this tax season.

Two of the three major credit bureaus are dismissing a larger share of consumer complaints. At the same time, the Trump administration has attempted to gut the Consumer Financial Protection Bureau — the government watchdog agency established following the Great Recession. Today, we'll delve into what it means for consumer protections. Also, the price of a barrel of Brent crude is about 50% higher than it was a month ago. Where do things go from here?

If you are one of the millions of people who haven't done your taxes yet, you've got a month and a day left to file. Something to look forward to, though? Refunds are up over 10% on average so far this year, and more people are receiving tax refunds. But first, we'll check in on how discount retailers are doing and learn how the war in the Middle East is impacting Federal Reserve officials' thinking about a rate cut.

Is Europe's reliance on U.S. tech a vulnerability? With geopolitical uncertainties growing under the second Trump administration, governments and institutions abroad seem to think so. The International Criminal Court announced that it's ditching Microsoft, and government employees in France will use an open-source alternative to Zoom. Today, we dig into "digital sovereignty." Also on the show: new homeowners turn to buy now, pay later to deal with expenses, and we'll preview the Fed's interest rate meeting this week.

TSA agents are missing their first full month of paychecks as a result of the partial government shutdown. In response, CEOs of major U.S. airlines have written an open letter urging Congress to fund the Department of Homeland Security and end the shutdown, which has dragged on as Democrats demand reforms to immigration enforcement practices. Plus, how might emerging technologies like AI amplify global threats, such as nuclear war?

The Senate passed a bipartisan bill yesterday that aims to take on housing affordability by increasing the housing supply and cutting red tape. But it has a tough road ahead in the House and possibly the White House. This morning, we'll dig in. Also on the show: GDP growth was revised down to just 0.7%. Plus, China's latest five-year plan aims to transform the country into a tech-driven global power, while boosting domestic demand.

Some Christians observe the weeks of Lent leading up to Easter by not eating meat on Fridays. That means that we're in the thick of fish fry season. Thing is, tariffs have raised the price of seafood. We head to one local fish fry near Akron, Ohio, to learn about the impact. But first, the war in the Middle East is threatening critical water desalination plants, which many Gulf countries rely on to make seawater potable.

Data shows that chain restaurants grew by 3% last year, while smaller independent restaurants declined by more than 2% as they struggled to navigate rising prices for real estate, food, insurance, and labor. When all restaurants are basically the same city to city, what does it mean for the unique flavor of a place? But first, Iran has ratcheted up its attacks on Gulf countries.

Yesterday, the U.S. trade representative announced an investigation into unfair trade practices that could result in a whole new round of import taxes. The Trump administration will be looking into whether more than a dozen countries are producing too much, flooding the U.S. with cheap products, and making it hard for American companies to compete. Then, war is complicating the Federal Reserve's interest rate decision. And later, could price caps help bring down grocery bills?

The Strait of Hormuz, a critical passage in many global supply chains, is basically shut down as fighting continues in the region. All this has throttled shipments of oil and gas, but supply chains for other goods — like helium and aluminum — are being detrimentally affected, too. This morning, we'll dig into which regions are being hit hardest by the disruptions. Plus, another partial government shutdown means more pain for TSA screeners and passengers.

$800 million a day. That's the rough monetary estimate of how much the U.S. military operation in Iran is costing taxpayers, according to the Penn Wharton Budget Model — in addition, of course, to the horrible human toll of war. This morning, we'll do the numbers on the costs of military technology and impacts on everyday consumers. Plus, the globe competes for liquefied natural gas, and Meta acquires Moltbook, the social network for AI.

A recent survey of 100 CEOs at major companies by the audit, tax, and advisory firm KPMG finds that AI and policy uncertainty around tariffs are top of mind. Today, we'll dig into the survey's findings. But first, oil markets have been on a rollercoaster ride as of late. We'll discuss why markets have recovered a bit this morning and what impact a potential presidential waiver of oil sanctions could have.

Just to get you up to speed on oil prices: Brent Crude is at $92 a barrel this morning. Yesterday morning, it was at $117. While prices have dipped, they're still higher than they were before the Middle East war began. That means more money for oil producers. So will domestic producers use that extra cash to drill more? Also: the latest in Anthropic's dispute with the Pentagon and what to make of last year's big jump in product recalls.

Oil prices came close to hitting $120 a barrel yesterday. This morning, they're hovering around $100 a barrel. Gas prices are also up 27 cents in a week, a price increase that'll pinch consumers and could dent consumer spending. In response to the spike in oil prices, some nations are discussing releasing oil reserves from their stockpiles. Then, we'll head to the Texas-Mexico border, where a parasitic fly poses a threat to the cattle industry.

Economists are still digesting last Friday's jobs report, which showed a loss of 92,000 jobs in February. The labor force participation rate — the percentage of working-age people who are either working or looking for work — fell to 62%. That's the lowest since December 2021 and means some people are giving up even looking for a job. We'll dig into the importance of that figure. Also on the show: oil prices and existential threats.

The U.S. economy actually lost jobs last month. The number of people on U.S. payrolls fell by 92,000 in February, with big swings in education and health care. How might the Federal Reserve respond to this new data? Plus, the idea of having a robot to do all your household chores has long been a staple of science fiction. Today, we hear from a company designing robots trying to make that a reality.

War in the Middle East has caused oil prices to spike, and — right on cue — gasoline prices have risen quickly. They're up 34 cents in a week, according to AAA. That's the fastest price increase at the pump since 2022. And diesel prices just topped $4 a gallon this week, which will likely push up the cost of anything shipped by truck or train. Also on the program: a look at what's driving Texas supermarket construction.

In pretty much every jobs report of 2025 — and on into early 2026 — health care was the most reliable job-creating sector. Some 436,000 health care jobs were added last year. It's a bright spot in the labor market, at a time when other sectors face sluggish job growth and disruption from AI. Plus, since the U.S. and Israel launched their war with Iran, the value of the U.S. dollar has been rising. We'll discuss.

Parts of the Great Lakes region have seen their coldest winter in more than a decade, and maple syrup farmers are rejoicing. The cold snap has been perfect for making maple syrup. Today, we'll head to a syrup farm in Middlefield, Ohio, to learn about the process — and economics — behind the pancake breakfast staple. But first, the Labor Department has proposed a new rule on whether workers are classified as gig workers or employees.