Marketplace Morning Report

President Donald Trump plans to announce weaker fuel efficiency standards for cars and trucks at a White House event today. The move will likely reverse a Biden-era rule requiring automakers to reach an average of 50 miles per gallon for new vehicles by 2031. Plus, as part of our lunar economy series, we hear how one company is recycling space debris into more useful products for the space industry.

From the BBC World Service: European politicians have reached a provisional agreement to phase out imports of Russian gas by 2027. Exports of oil and gas have been crucial for Russia to fund its military campaign in Ukraine. Russia says Europe will be less competitive and that consumers will have to pay higher prices. Then, we'll check in on Japan's work-life balance and hear about a diamond-studded Faberge egg, which just sold at auction for $30 million.

Corporate bond spreads, extra compensation that corporate bonds pay out compared to government bonds, have been narrowing this year, which means investors aren't demanding much additional money to account for additional credit risk. That could indicate that investors think economic growth could pick up in the near term. Also on the program: a trade deal regarding U.K. pharmaceuticals and OPEC's plans to keep oil production flat to start the new year.

If Trump's tariffs are illegal, Costco wants a refund. The lawsuits that brought President Trump's tariffs before the Supreme Court last month were led by small businesses and Democratic state attorneys general, but now it's bigger companies — including Costco — that are suing to make sure they're in line for a refund if tariffs are struck down. Plus, "Marketplace Morning Report" is heading to the moon this week for views on an emerging lunar economy.

From the BBC World Service: The U.K. government has hailed a deal with the United States to keep tariffs on U.K. pharmaceutical shipments into the U.S. at zero, but the agreement comes with a cost. Then, Hong Kong's leader said serious problems in the city's construction industry, as well as oversight, were exposed in last week's deadly high-rise fire. And, what's behind recruitment problems at Europe's air traffic control?

On today's show, we're lifting the veil on a little-known profession in the legal field: private judges. These are judges that businesses or individuals resort to when traditional courts are too slow, too expensive, or too time-consuming. But first, AI is helping out with our holiday shopping. Adobe Analytics says traffic to retail websites that originated from AI tools like chatbots was up 805% compared to last year.

Despite wavering confidence, Adobe says consumer spending broke records on Black Friday, clocking in at more than $11 billion. Shoppers were enticed by bargains, buying up TVs, computers, clothes, furniture, and toys. And Salesforce expects Cyber Week sales to also hit an all-time high of $78 billion. Also: signs of a continuously struggling housing market and, from Marketplace's "How We Survive," a look at how solar power can aid agriculture.

From the BBC World Service: Factories in China have long been an engine of economic growth, so it's worrying for leaders in Beijing that a new survey shows activity unexpectedly contracted in November. It's the eighth straight month that production has shrunk. What's it telling us about the world's second biggest economy? And later, Iran is experiencing an unprecedented drought, with rainfall at record lows and reservoirs nearly empty. Officials are pleading with citizens to conserve water.

But for years now, Russia has gotten around some of these sanctions through its so-called "shadow fleet" — unidentified tankers sailing with no flag or fake flags. These boats are also often uninsured, and European naval officials say the shadow fleet is growing. Are the rules of the sea now in rough waters? Also on the program: frank reflections on the uneasiness that can come with interacting with AI slop.

Black Friday still brings more shoppers into stores than any other day of the year. For many, it's the official kick-off to the holiday shopping season. And while Black Friday may be dominated by the Targets and Walmarts of the world, millions of shoppers will go to mom-and-pop retailers on Small Business Saturday. We'll preview this weekend's retail extravaganza. Also, Social Security benefits can act as a financial buoy for the children and spouses of deceased individuals.

From the BBC World Service: Canada's Prime Minister Mark Carney has struck a deal for a 700-mile pipeline carrying 1 million barrels of oil a day to Canada's West Coast in an attempt to pivot away from reliance on the U.S. economy. The project is likely to face multiple legal challenges, however. Plus, Kenyan farmers have won a case over food sovereignty and a Russian "shadow fleet" is suspected of covertly generating billions for Moscow.

It's been almost three years since ChatGPT went live to the world, and it quickly became a helper or shortcut for students. (Ora tool to cheat.) Like it or not, artificial intelligence is with us. Today, we hear the story of one educator who's trying to prepare her students to use AI responsibly. Plus, professional soccer in Britain has long attracted foreign investment — increasingly from folks Stateside. We'll learn how Americans' involvement is shaping the game.

Can a new CEO help turn things around? It's a rocky time for regional theme parks that aren't major travel destinations, as they compete for visitors and their discretionary income. Six Flags is hoping new CEO John Reilly, a veteran theme park operator, will help boost ticket sales and revenue. Plus, the future of the CDFI fund and community lender support remains uncertain, and we hear how Social Security offers a lifeline to some grandparents raising grandkids.

From the BBC World Service: The U.K. government's economic outlook response document was accidentally published a half hour early on Wednesday, before Finance Minister Rachel Reeves began her 2025 budget speech. Reeves set out a string of tax hikes, which will bring the country's tax take to an all-time high of 38% of GDP in the coming years. Plus, we take a look at why U.S. investors have soccer in their sights.

New research from the Federal Reserve Bank of Cleveland finds that earning a college degree can still help you keep a job and get higher wages, but it's less of an advantage than it used to be. ​The unemployment gap between college graduates and those with just a high school diploma is narrowing. Also: a handful of stocks driving economic growth, a potential trade agreement between the U.S. and Taiwan, and life as a 67-year-old retiree.

Medicare will get a 71% discount off the list price of Ozempic and Wegovy starting in 2027. That will bring the monthly costs of those drugs down from nearly $1,000 to $274. The Centers for Medicare and Medicaid Services also announced price reductions for 14 other drugs. We'll hear more. Plus, can a market economy that uses fake cash help food banks get the food donations they want?

From the BBC World Service: Shares in Alibaba rose after the Chinese e-commerce company reported a 34% increase in revenue for its cloud computing division, as well as triple-digit increases in sales for its AI-related products. Then, in energy news, Iranian authorities plan to scrap generous subsidies for gas, and refiners in India rush to secure Russian oil imports ahead of a U.S. deadline. Plus, more international students turn to Bulgaria to complete their medical degrees.

If not for Social Security, more than 37% of older adults would live below the official poverty line, according to the Center on Budget and Policy Priorities. But even with Social Security benefits, about 10% of older adults still live in poverty. Today, we hear from one North Carolinian living at that economic line. Also: a Consumer Financial Protection Bureau "humility pledge" and parsing today's (vintage) government economic reports.

Are the food prices for dishes on your Thanksgiving table going up, down, or staying the same? Well, it all depends on what's on the menu this year. Today, we'll discuss holiday food prices and the dueling narratives around how they'll hit your budget. Plus, even people who haven't historically relied on tax credits for health insurance are seeing their premiums for ACA coverage go up next year. Why?

From the BBC World Service: The world's largest cryptocurrency exchange, Binance, and its founder, Changpeng Zhao, are being sued by victims and family members of victims in the October 2023 attack in Israel. They're accusing Binance of knowingly enabling terrorist groups like Hamas to move more than $1 billion through its platform. Also: a slowdown at Serbia's Russian-owned oil refinery, growing risks to European undersea cables, and rerouted flights after an Ethiopian volcano eruption.

The U.S. economy is often buoyed by consumer spending. In China, however, consumer spending is a much smaller part of economic output. And while the government there tries to stimulate spending, young people there are grappling with high unemployment and stalling wage growth. Plus, we'll discuss expectations for inflation and economic growth, as well as consumer shopping figures for this upcoming Black Friday.

Americans don't often have a direct say in how their tax dollars get spent; those decisions are generally left to elected officials. But some places have engaged in “participatory budgeting,” where residents propose projects, then vote on which ones get public funding. Today, we head to Nashville to learn how the process played out. But first: economics at the center of G20 discussions and what Thanksgiving travel plans are looking like.

From the BBC World Service: A gathering in South Africa of major economies has ended with a joint declaration committing to "multilateral cooperation." We'll hear more. Plus, India and Canada have agreed to resume discussions on a bilateral trade deal, a three-day national strike is getting underway in Belgium, and the Chinese government is urging young people to spend more to boost the economy — but that's proving difficult at a time of record youth unemployment.

The Trump administration has unveiled plans for a huge expansion of offshore oil drilling. Federal law requires the Interior Department to come up with five-year schedules of oil and gas lease sales. The most recent proposal includes as many as 34 potential offshore lease sales, near the coasts of Alaska, California, and Florida. Also on the show: why the Dutch government wanted to take over a Chinese-owned chip company.

After months of ICE raids on the nation's capital, some construction workers are afraid to go into Washington, D.C. for work, fearing arrest and deportation. Meanwhile, the contractors who need them are struggling to adapt. We'll check in on some of the businesses that are being most affected. But first: why markets ended yesterday on a sour note, and why the housing affordability crisis is accelerating fastest in rural areas.

From the BBC World Service: Japan's cabinet has approved a stimulus package worth more than $130 billion. It's the first major policy initiative of the new prime minister, Sanae Takaichi, and aims to help households and companies with measures like energy subsidies and tax cuts. Then, the global climate change conference COP30 is drawing to a close in Brazil, and so far, there's been no agreement on key issues like the fossil fuel phaseout.

After a month and a half delay due to the government shutdown, we are finally getting some official economic data. It is old (from September), but it's here. The economy gained 119,000 jobs, and the unemployment rate went up for the third month in a row. What's that mean for job seekers? Plus, declining consumer sentiment doesn't translate to declining consumer spending, Walmart's quarterly results beat expectations, and international student enrollment has dipped.

Nvidia reported earnings yesterday after markets closed, and it did not disappoint. Nvidia makes 90% of all chips used in AI. Tech stocks, including Nvidia, have been carrying a lot of weight in markets, and investors had started getting a little nervous about whether the AI boom was a bubble — but Nvidia's results have been pretty reassuring. Also: stale data from the Bureau of Labor Statistics and Japan's tensions with China.

From the BBC World Service: Wall Street was cheered last night by better-than-expected results from the chip giant Nvidia. But the AI boom continues to fuel fears of a market bubble. In the past few weeks, a growing number of the world's leading figures in finance have suggested that AI stocks are unrealistically inflated in value. Plus, Meta says it's shutting down accounts for younger teenagers in Australia ahead of the country's social media ban for youths under 16.

In a word: uncertainty. Retail chains like Target are pulling back on hiring temporary workers ahead of this year's holiday shopping season as tariffs take their toll, consumer sentiment slumps, and little government data leaves them with little guidance. We'll hear more. But first: there's a lot riding on Nvidia results, and investors are split on predictions for the Fed's next rate decision.

Some 24 million people buy health insurance through the Affordable Care Act marketplace. But subsidies and tax credits that have made these plans more affordable for the past few years are expiring, and the cost of health insurance is likely going to double, on average, for those losing subsidies. How do you plan for that? Plus, a Cloudflare outage took down sites yesterday, and tensions between China and Japan escalated.

From the BBC World Service: The chief executive of the South Korean firm Hyundai said that the White House phoned him personally to apologize for an immigration raid at a massive battery factory in Georgia in September. More than 300 South Korean workers were detained and later sent back to South Korea, stoking tensions between the two nations. Plus, China has imposed a ban on all imports of Japanese seafood amid a growing dispute between Asia's two biggest economies

The U.S. Department of Agriculture is starting a second round of aid — about $16 billion — for farmers affected by natural disasters. The aid is aimed at growers of fruits, vegetables, and tree nuts. As for aid from President Donald Trump's tariffs? The government's still busy crunching the numbers. Plus, we'll discuss what direction the U.S. economy is headed and hear how AI can help companies soften the blow from tariffs.

New York City mayor-elect Zohran Mamdani swept the election on a campaign all about affordability. One pillar of that platform was the idea of city-owned grocery stores. The thinking: Prices at these city-owned stores would be lower because they'd operate in city-owned spaces, so they wouldn't have to pay rent or property taxes. Other cities have tried this. How'd the experiment go? But first: the world's largest official creditor and rising utility costs.

From the BBC World Service: The artificial intelligence revolution is firmly underway, with tech giants investing billions in research and battling to secure key assets. It's led to a surging stock market, but also panic about the potential impact on jobs and society. Google is one of the companies investing heavily in the new technology. Today, we check in with CEO Sundar Pichai. Plus, the U.K. plans to ban the resale of event tickets for profit.

After President Donald Trump and Chinese leader Xi Jinping met in South Korea late last month, some tariffs have been suspended or lowered, and China said it will restart purchases of U.S. soybeans and other agricultural goods. To hear about the mood among Chinese buyers and U.S. exporters, Marketplace's Jennifer Park recently attended a trade show in Shanghai. But first: an ethics violation by a former Fed and the impacts of delayed government data.

Tomorrow's when we're supposed to learn more about how imports and exports have been faring from the Bureau of Labor Statistics, though the 43-day government shutdown may still delay that data release. What might those numbers be able to tell us (whenever they do come out) about some of the impacts of the president's tariffs? Plus, China has a glut of EVs, and that oversupply is starting to spill over into the rest of the world.

From the BBC World Service: As COP30 in Brazil enters its second week, one of the key agreements protecting the Amazon rainforest is under threat from powerful Brazilian agri-business interests. Currently, a pact bans the sale of soy beans — Brazil's largest agricultural export — grown on Amazon land deforested after 2008. Then, shares in Japanese retail and travel-related companies fell after China urged citizens not to visit the country over remarks made by Japan's prime minister about Taiwan.

Even though we haven't gotten recent economic data because of the government shutdown, there's still plenty of speculation that the next Fed meeting will be a contentious one. We hear from Diane Swonk, chief economist at KPMG, about how the slowing job market and creeping inflation may force the guardians of interest rates into uncomfortable compromises. Plus, a look at why the Trump administration is lowering some tariffs on imported food items from Latin America. And, a chat with McKinsey's Michael Chui about how companies are utilizing AI and what that means for the workforce.

How optimistic are small business owners nowadays? According to a recent survey, the picture is downbeat — many owners have been dealing with tariffs and other stressors. We delve into the data. And, a chat with the co-founder of a non-profit restaurant in New York City that serves up economically inclusive meals priced with a sliding scale based on what diners can pay.

From the BBC World Service: Donald Trump is set to cut import taxes on products like coffee, bananas, and beef as part of trade agreements with four Latin American countries, aimed at easing food prices. A tariff of 10% will stay on most goods from Guatemala, Argentina, and El Salvador, as will a 15% tax on imports from Ecuador. But staples like coffee and bananas, which the U.S. can't produce enough of, will be exempt.

The longest government shutdown ever ended last night when President Donald Trump signed a stopgap bill to keep federal agencies going through Jan. 30. But the shutdown deal also included spending bills funding military construction, the legislative branch, the Agriculture Department, and the VA. We went through the lesser-known provisions so you don't have to. Also: the state of Canada's energy exports and potential limits to the power of proxy advisory firms.