Marketplace Morning Report

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.

By now, you know that the House passed legislation last night to reopen the government. But you might not know about a provision that would completely change the way hemp is regulated. It was tucked into the new farm bill, which was also approved last night, and funds the Agriculture Department through September. We'll hear more. Plus, are government institutions shifting resources away from the working class? Professor Clara Mattei argues that's the case.

From the BBC World Service: India's government has approved a $5 billion credit line to support its struggling exporters, as Indian workers across sectors like textiles, jewelry, and seafood face major potential job losses. Then, attendees of COP30 are hoping for a U.N.-backed deal to impose a levy on emissions for large ships. Research also presented at the climate summit warns that global carbon emissions from coal, oil, and gas are set to reach a record high in 2025.

President Donald Trump and Federal Housing Finance Agency director Bill Pulte have floated the idea of a 50-year mortgage as a potential way to make homebuying more affordable. The president has said that longer mortgages would lower borrowers' monthly payments, which is true — but at what cost? And later, 47 economists filed an amicus brief in Trump's tariffs case before the Supreme Court. We'll unpack what they said.

After 43 days, the government shutdown could end today. But there are still lingering questions: When will food stamps be distributed to beneficiaries? When will government workers receive paychecks? As for all of the economic data we missed while government agencies were closed? It won't be released immediately once the government reopens — far from it. Then, the shuttering of the IRS' Direct File program and climate talks in Brazil.

From the BBC World Service: Australia is increasingly vulnerable to "high-impact sabotage" from hackers backed by China, according to Australian intelligence official Mike Burgess. He told business leaders in Melbourne that there had been multiple attempts to hack into transportation, telecommunications, water, and energy networks. Plus, a multibillion-dollar natural gas platform off the coast of Senegal promised to bring economic prosperity, but fishermen there say the development has caused disruption and unemployment.

The Trump administration is moving to levy tariffs of over 90% on popular Italian pasta brands on “anti-dumping” grounds. We look at how the move could impact grocery prices for the pantry staple. Plus, even though we don't have a government jobs report this month due to the shutdown, private sector numbers give us an idea of the state of the labor market. And, as New Mexico moves to provide free childcare, a look at how daycare benefits businesses.

From the BBC World Service: A Chinese woman will be sentenced in London later for her role in a Bitcoin scam worth billions of dollars. Qian Zhimin was convicted of trying to launder more than sixty thousand bitcoins, now worth around six-and-a-half billion dollars, following Britain's largest ever seizure of cryptocurrency. We hear from some of the investors who were scammed as part of the fraud.

The Senate passed a deal last night to end the record-setting government shutdown. But that hasn't yet translated into relief for the beleaguered air travel industry, which has seen thousands of canceled flights in response to air traffic controller shortages. Plus, we talk with economist Peter Atwater, one of the economic researchers who first helped popularize the “K-Shaped” economy concept, about inequality in post-pandemic America.

Commercial real estate has been struggling in the years since the pandemic. Office attendance has risen, though not as much in smaller cities. And while big banks might not be voicing concerns over this, lending for commercial real estate is a major deal for regional and community banks. We discuss. Also on today's program: markets react to a potential end in sight for the shutdown, and big movies around the holidays could drive ticket sales.

There's movement in Washington toward ending the government shutdown. The Senate held a procedural vote yesterday. Seven Democrats and one independent senator voted yes with Republicans, which finally broke the logjam and will allow final votes on a bill to reopen the government. It's progress, but there's still potential for derailment. Plus, New Mexico is offering free universal child care starting this month. We'll hear what that means for one family.

From the BBC World Service: China has lifted export controls on computer chips that are vital to car production, marking an easing of trade tensions between China and the U.S. Automakers Volvo, VW, Ford, and Honda had all warned they could face severe supply chain disruptions if the ban wasn't overturned. China has also paused an export ban to the U.S. of some materials that are crucial in the semiconductor industry. Plus, a major cybercriminal reveals all.

The value of Pokémon cards soared during the pandemic, and some have climbed in value nearly 4,000% over the past two decades. For some, Pokémon cards are a source of nostalgic joy, but others are seeing them as alternative assets — joining the likes of sneakers, comics, and even crypto. Also, hundreds of flights are cancelled today at airports across the country. And, from Marketplace's "Million Bazillion," little listeners reflect on the role of the $2 bill.

Starting today, the Federal Aviation Administration is requiring airlines to reduce flights at 40 airports because of the strain that air traffic controllers are under during what's turned into the longest federal government shutdown ever. Fewer flights mean reduced supply, just as demand is about to ramp up for the holidays. And there's gonna be consequences for both airlines and consumers — including likely price increases. Plus, what constitutes a "workplace emergency" these days?

From the BBC World Service:

Elyria-Swansea, a largely Latino neighborhood in Denver, has plenty of industrial sources for air pollution: a dog food factory, an oil refinery, a highway. Now, an AI data center is being constructed and threatens to contribute to the area's poor air quality. How are community residents responding? Also on today's show: key points during yesterday's Supreme Court oral arguments over tariffs and a gathering of some world leaders at COP30 in Brazil.

Yesterday, Supreme Court justices heard arguments and asked questions about whether an emergency powers law could be used by a president to overhaul international trade and bring in lots of money through import taxes — all without getting Congress to go along. The justices were skeptical, to say the least. We'll discuss. Plus, we'll hear how suspended SNAP benefits are playing out at one food bank in Central California.

From the BBC World Service: The summit is part of an effort to show that the climate crisis remains a top priority, although some big names won't be in attendance, including leaders of China, India, and the U.S. What can the conference achieve without them? Then, China has announced it's easing tariffs and export controls on U.S. firms following last week's seemingly productive meeting between Xi Jinping and Donald Trump. And in Shanghai, foreign businesses are being welcomed to a major trade import expo.

The London Stock Exchange has launched a series of indexes to track private investment funds. "Private investment" is a phrase we've been hearing a lot — the Trump administration is trying to make it easier to add it to your 401(k). And the "private credit" market has been catching serious side-eye from Jamie Dimon and others. But what the heck does "private" even mean in these contexts? We have an explainer. Plus, a look at job creation and sentiment among farmers.

The Supreme Court is set to hear arguments today on whether President Donald Trump can use emergency powers to levy tariffs. The law in question doesn't mention tariffs, but the president also has wide latitude in setting the foreign-policy agenda. Let's dig into both sides' arguments. Plus, China's government is hosting a big trade show, and auto sales fall into a pot hole with EV subsidies gone.

From the BBC World Service: Shein is making headlines for more than its new brick-and-mortar store in Paris's famed BHV department store. But the launch has been overshadowed by French authorities' investigation into disturbing, illegal products sold on the platform, as well as on Temu, AliExpress, and Wish. Today, we'll learn more. And some people in Thailand are relying on informal money lenders to cover the bills as consumer debt levels soar. We'll examine the deeper costs.

Kimberly-Clark's stock closed down 14% yesterday after it gambled nearly $50 billion on a company called Kenvue, maker of Listerine, Band-Aids, and Tylenol — the painkiller HHS Secretary Robert F. Kennedy wants to link to autism, despite a lack of scientific evidence. People are now suing Kenvue, a potential liability that will become Kimberly-Clark's problem. We unpack. Also: potential changes to public service loan forgiveness and a speech by Federal Reserve Governor Lisa Cook.

Oral arguments over the Trump administration's "reciprocal tariffs" are set for tomorrow, in a test over limits to a president's power to act without Congress. Whichever way the high court decides, however, the co-founder of True Places, a Pennsylvania-based folding camp chair company, thinks that likely won't be the end of the tariff rollercoaster. Plus, Norway's massive sovereign wealth fund has voted against Elon Musk's pay package from Tesla. Why?

From the BBC World Service: Starbucks is selling the majority stake of its business in China to investment firm Boyu Capital as part of a $4 billion deal. The global coffee brand hopes the funds will help kick-start growth in the face of growing local competition. Then, it's a big week for Tesla, as vote results are expected on Elon Musk's proposed $1 trillion pay package. But Norway's sovereign public wealth fund, a major investor, stated it's opposing the deal.

That's the question before the Supreme Court this week. President Donald Trump has been declaring an emergency and then using emergency authority to impose many of these tariffs. Treasury Secretary Scott Bessent is among those who've said they expect to prevail in the high court, but if they don't, there are other ways to apply taxes on goods from other countries. Also: BP shale asset sales and a dark side of the drug rehab industry.

This past weekend, as the shutdown stretches on, funds for SNAP benefits began to dry up. The Treasury Secretary says payments could restart this week, and a federal court said the Trump administration must tap into emergency funds to get this done. Today, we'll check in with the Arkansas Hunger Relief Alliance for a snapshot of food insecurity there. Plus, Trump says he wants to fix Obamacare, and U.S. auto production could be hampered by a looming chip shortage.

From the BBC World Service: Markets in Asia rose in reaction to the outcome of the APEC meetings in South Korea as the U.S. and China stepped back from the brink of a full-fledged trade war. Plus, reports suggest India is looking for new sources to replace the oil it currently buys from Russia. And, we look at Cameroon's mining industry, which is often done by small-scale miners working in risky environments with basic tools.

The government shutdown has now lasted a full month. Now, some business leaders — including the U.S. Chamber of Commerce, the Business Roundtable, the American Bankers Association, and more — have issued a statement urging Congress to reopen the government. They cite estimates that the shutdown will cause $10 billion to $15 billion per week in lost output and economic activity. Plus, how much would you spend to find a job?

The personal consumption expenditures price index, the Federal Reserve's favorite inflation measure, was supposed to be released today. But at day 31 of the government shutdown, it's nowhere to be found. This morning, we'll unpack what exactly we know about rising prices at a time of tariffs. And later, is 9 to 5 looking more like 7 to 7? We'll learn about the rise of the work trend known as "microshifting."

From the BBC World Service: Chinese President Xi Jinping told leaders attending the APEC summit in South Korea of the need to deepen economic cooperation amid global uncertainty. We'll hear the latest on trade agreements between the U.S. and China, as well as other new developments. Then, Jamaica's government issued a catastrophe bond as it begins recovery from Hurricane Melissa. And later, would you spend money on a job search to try to get a leg up?