Marketplace Morning Report

TikTok says it has formed a joint venture for U.S. operations with majority American ownership. The deal is intended to address national security concerns that led to a law that would have banned the app. Then, the world is now holding more gold than U.S. bonds. Is this a sign of changing times? And later, we discuss Americans' savings rate and the impact of the upcoming cold snap on spending.

Usually a relatively quiet affair, this year's World Economic Forum made headlines as President Donald Trump walked in with threatening language over wanting to acquire Greenland and left with what he said was a framework deal that would avoid a new trade war. We'll discuss the lasting impact. Plus, TikTok looks to be here to stay. And, from Marketplace's "This Is Uncomfortable," we hear about the importance of how people feel about their finances.

From the BBC World Service: Sanctions on the export of Russian oil have left many ships stuck at sea, unable to unload their cargoes. Today, we speak with a captain of an oil container ship that's part of Russia's shadow oil export fleet. His ship and the crew are stranded, unable to sell or offload their ship's oil. Then, we head to Slovakia, which manufactures more cars per capita than any other country in the world.

President Donald Trump acknowledged yesterday that he'll need help from Congress to cap credit card interest at 10%. He also talked about this at the World Economic Forum; at another Davos venue, JPMorgan Chase's Jamie Dimon said that capping cards would cause "economic disaster." We dig in. Plus, tax breaks from the "Big Beautiful Bill" should boost the economy (temporarily), and boosting Venezuela's oil production could have serious environmental impacts.

Following the president's intervention in Venezuela, the Trump administration is escalating threats against several sovereign nations. Now, Cuba is set to lose access to one of its main suppliers of oil, adding pressure to its increasing energy shortage and an already struggling economy. This morning, we'll discuss with the BBC's Will Grant. Plus, President Donald Trump's pivot on Greenland was well-received on Wall Street, and renter affordability is improving.

From the BBC World Service: The world has been reacting to President Donald Trump's announcement of a vague framework agreement over the future of Greenland. The president said that the U.S. will not impose tariffs on eight NATO countries. Then, you might think of corporate bonds as relatively modern, but companies have actually been issuing them since at least the 17th century; so what kind of return can you expect from a bond issued in 1648 by a Dutch water company?

On Wednesday, President Donald Trump spoke in front of international leaders in Davos, Switzerland. There, he touted his use of tariffs to disrupt the global trading system and spoke about his aspirations for acquiring Greenland without the use of force. We'll unpack some of the economic headlines. Then, we'll also discuss yesterday's sell-off of stocks and bonds and hear how Russia's war on Ukraine is impacting European airlines' bottom lines.

People around the world are using AI more than Americans, a new poll finds. About 40% of adults in the U.S. told pollsters that they used generative AI in the last year. In Nigeria, the United Arab Emirates, and India, that number was about 85%. What's driving the divide? But first: a preview of markets before President Donald Trump's speech at Davos, and a look at the struggle between the Trump administration and the Fed.

From the BBC World Service: Tech billionaire Elon Musk has picked a fight with Michael O'Leary, the chief executive of Ryanair; after O'Leary said Ryanair wouldn't be offering Musk's Starlink satellite services, Musk floated the idea of buying Ryanair himself. Plus, Lufthansa — one of the world's largest airline groups — says that airspace closures due to war zones are forcing substantial rerouting of flights, with the ban on using Russian and Ukrainian airspace creating detours of one to two hours.

Today is the second day of the World Economic Forum meeting in Davos, Switzerland. It's a meeting that attracts some of the world's most powerful people (and often protests). Among the biggest names are the heads of Microsoft and Nvidia, the chancellor of Germany, and — after a six-year in-person absence — President Donald Trump is returning to the forum. We'll outline what to expect. But first: a discussion of housing and tariffs.

The Supreme Court will hear oral arguments tomorrow in the case around President Donald Trump's bid to fire Federal Reserve Governor Lisa Cook over mortgage fraud allegations. Cook denies any wrongdoing, and she hasn't been charged with any crime. Federal Reserve Chair Jerome Powell is set to attend tomorrow's session. We hear about the case at hand and what's at stake. But first, we hear why houses in some areas could get more affordable this year.

From the BBC World Service: It's day two of the annual World Economic Forum in Davos, Switzerland, where President Donald Trump's goal of acquiring Greenland continues to preoccupy European leaders, as he attempts to project military and economic power over NATO allies. The president of the European Commission described fresh tariffs as a "mistake" and warned the response would be "unflinching." Also on this morning's program: a look at tourism in Japan and ghosting in the job market.

It's called the "lipstick effect." Consumers sometimes splurge on small luxuries — like cosmetics, accessories, and more — as a sort of rebellion against a bleak economic backdrop. And these indulgent purchases are expected to be big in the year ahead. Also: the toll tariffs have taken on the economy as Trump threatens more over Greenland and the impact of a growing number of millionaires in the United Arab Emirates.

President Donald Trump has made it very clear that he wants to purchase Greenland. Now, he's threatening to increase tariffs on eight European countries unless they agree to let the U.S. purchase the Danish territory, and the European Union is considering retaliation with its own tariffs on U.S. products. Also on the show: Europe is emerging as a major new destination for low-cost items from China.

From the BBC World Service: New data shows that China's economy grew by 5% last year. While positive, it's not anywhere near the stellar growth figures China has had over years past, and the economy faces a weak housing market, a falling population, and ongoing trade tensions with the U.S. Plus, we examine what's driving the wealthy to the United Arab Emirates and how a boom in luxury real estate is changing Dubai.

International visitors to 11 U.S. national parks, including Yellowstone, Bryce Canyon, and Sequoia, now have to pay more to get in — as in, up to a $100 a head more. The fees will help national parks address maintenance backlogs running to more than $22 billion, but some worry that it'll dent visitor numbers and hurt “gateway communities” near the parks. Also: plans to cap credit card rates and energy prices.

Minnesota is home to more than a dozen Fortune 500 companies, including 3M, Target, Best Buy, and General Mills. But in a wave of wake immigration arrests and ICE's killing of 37-year-old Renee Good, executives from many of the state's leading corporations have been noticeably quiet. This morning, we'll examine why exactly that is. But first, enrollment at community colleges was up for the fourth fall in a row.

From the BBC World Service: Canadian Prime Minister Mark Carney and Chinese leader Xi Jinping have announced a "new strategic partnership" at a meeting in Beijing. The deal encompasses clean energy and lower tariffs. Then, the United States and Taiwan have reached a trade agreement that reduces import taxes on goods from the island, while increasing Taiwan's technology investment in the U.S. And later, we look at the growth in the low- and no-alcohol drinks industry.

2025 was a tough year for homebuyers. Two things happened over the last three months of the year that helped people trying to buy a home: Housing prices grew more slowly, and mortgage rates fell. We'll unpack and discuss other housing news. Also on today's program: how the wealth effect is supporting our K-shaped economy, and how the bond market is responding to pressures on the Fed to lower interest rates.

Saks Global — the luxury retail conglomerate that owns brands like Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman — filed for Chapter 11 bankruptcy this week. But given that higher-income consumers are driving so much of spending, why is a chain of luxury department stores struggling? Then, the Trump administration is ending a special protected status for 350,000 Haitians, and the elder-care industry is expected to lose thousands of workers as a result.

From the BBC World Service: Despite Wednesday's inconclusive talks between the U.S., Denmark, and Greenland, investors are starting to examine how Greenland's extensive mineral resources might be tapped. Currently, there are only two active mines on the island, but many investors think there is potential in Greenland for additional commercial projects. Then, thanks to the climbing popularity of Korean skincare, South Korea has surpassed the U.S. to become the world's second-largest cosmetics exporter after France,

President Donald Trump traveled to Michigan yesterday to tout the economy's performance during his second administration. He spoke at the Detroit Economic Club for about an hour, but the speech included false or misleading information about inflation, wage growth, drug prices, tax breaks, and more. Today, we'll provide some fact-checking. Also on today's program, we'll learn about bank earnings, China's trade surplus, and what happens when Social Security funding runs out.

The data centers needed to power AI are controversial in many communities. People worry about that extra demand driving up their electricity bills, which are already up almost 7% in a year. In response, Microsoft is pledging to pay extra for electricity to power its data centers and says it'll work to prevent water resources from being drained by giant server farms. And later, we'll discuss the Trump administration's plan to control Venezuela's oil.

From the BBC World Service: China has announced record export numbers and the largest trade surplus in global history: $1.2 trillion. Despite the impact of President Donald Trump's tariffs, China has been able to pivot to other international trading partners, including countries in Africa, Southeast Asia, and Latin America. Then, global bond markets are where governments go to raise money to pay for services, but have they become too powerful?

The Bureau of Labor Statistics released the final consumer price index reading for 2025 this morning. Spoiler alert: Inflation is still too high. Prices were up 2.7% from the year before and up 0.3% between November and December. This morning, we'll unpack. Plus, President Donald Trump wants to cap credit card rates at 10%. What consequences would there be for consumers and banks? And: inside a quantum computing site in Santa Barbara.

President Donald Trump said on social media that he is imposing a 25% tariff on goods from countries “doing business” with Iran in response to Iran's government imprisoning and killing protesters. The countries that buy Iranian oil include India, Turkey, and China. We'll also share predictions for December's consumer price index. Plus, could the biggest economic risk to the U.S. in the year ahead be the U.S. itself?

From the BBC World Service: There's mounting pressure on Grok — the AI chatbot that's part of Elon Musk's social media platform, X — over the generation of explicit images. The U.K. is rushing through a new law making it illegal to create nonconsensual intimate images; meanwhile, Indonesia and Malaysia have already blocked access to Grok. Then, the race is heating up to build the most powerful quantum computers. We visit one of the biggest players, Google's quantum lab in California

President Trump's growing frustration with the Federal Reserve's commitment to political independence reached fever pitch over the weekend when Fed Chair Jerome Powell annouced the DOJ has opened a criminal investigation into the Fed. Powell called the probe “unprecedented” and said the Fed uses data, not politics, to make interest rate decisions. In this episode, we get context on the situation from economist Julia Coronado — including how the investigation could have an impact on financial markets.

Officially, the Federal Reserve is being investigated by the Justice Department over office building renovations. But in a video statement Sunday, Fed Chair Jerome Powell said the investigation, which includes a threat of criminal charges, is “a consequence” of the Fed maintaining its independence from President Trump. Plus, later in the episode, how the Warner Bros. deal could affect moviegoers — at home and in theaters.

From the BBC World Service: Recent college graduates say they're struggling to find entry-level positions. How much of the job market squeeze can be blamed on AI? Plus: Malaysia and Indonesia block access to Elon Musk's AI chatbot Grok, Meta urges Australia to rethink its youth social media ban, and foreign ministers from Denmark and Greenland will meet with U.S. leaders.

According to the just-released December jobs report, only 50,000 people were hired last month, fewer than expected. Overall, the month capped off the slowest year for job creation since 2020 and the second slowest since 2009. Plus, LA fire survivors share personal items lost and found in the aftermath of the blaze.

Altadena residents eager to build more fire-resistant new homes run up against obstacles of expense, labor, availability of materials, and of course, the question of whether insurance will pay for it.

From the BBC World Service: The Iranian government has shut down internet access in response to ongoing protests, with demonstrators calling for the removal of the country's Supreme Leader. Also, a major recall of Nestle baby formula expands to more countries, and after a volatile 2025, what's on the horizon for cryptocurrency in the new year?

Supermarket chain Wegmans has made headlines this week for their use of surveillance technology on customers. But they're far from the only retailer deploying this type of tech to prevent theft — and encourage extra spending. Plus, a retired nurse shares her plans for rebuilding in Altadena.

The homes still left standing after last year's Eaton Fire face their own set of questions and challenges. What types of structures stand up better to fire damage than others? How can you know when dangerous smoke damage has truly been remediated? And, most crucially, how much are insurance companies actually willing to pay for any of it?

From the BBC World Service: After a rocky 2025, many analysts expect a similarly unsettled 2026. Plus, a new study indicates faster weight gain after quitting GLP-1 drugs, and X has failed to meet a deadline to address explicit content generated by its AI chatbot Grok.

The estimated value of the homes wiped out by the Eaton and Palisades fires one year ago? $27 billion. On a single street in Altadena, 15 houses were destroyed, including that of "Marketplace Morning Report" host David Brancaccio. This morning, Brancaccio checks in with two families on his block — one who decided to sell and one who's already partly rebuilt. Then, how will investors respond to this morning's private payroll data?

A survey released in the fall finds that most people displaced by the Southern California wildfires a year ago are still living in temporary housing. Since so few homes have been rebuilt, how are people paying for shelter? Today, we'll hear how survivors have organized to demand accountability and the resources needed. Plus, a semiconductor chip shortage echoes the great supply chain crisis of 2020, but this time it's driven by AI.

From the BBC World Service: One of Europe's busiest airports has canceled more than 700 flights today as a disruption caused by snow and ice enters a sixth day. The problem was made worse because of a shortage of anti-freeze for de-icing planes at Schiphol Airport in Amsterdam. Dutch airline KLM is the main one affected. Then, China's Foreign Ministry calls President Donald Trump's demands for Venezuelan oil "typical bullying" from the U.S.

Dustin Kunkel is a father of two, works in the solar panel business, and is a neighbor of "Marketplace Morning Report" host David Brancaccio. Kunkel lost his Altadena home in the Eaton Fire and, since then, spoke to 30 contractors before finding someone to rebuild the house. We hear what the process — and pricing — has been like. Also, the realities of this economy continue to diverge for lower- and higher-income households.

Today, we have the story of one burned block: that of "Marketplace Morning Report" host David Brancaccio. Last year's wildfires in California were the costliest in history, with more than 16,000 structures destroyed and over 30 deaths. Fifteen of the houses destroyed in the Eaton Fire sat on a single street in Altadena. A year on, we check in with Brancaccio's neighbors to hear about life, loss, and efforts to rebuild.

From the BBC World Service: Delcy Rodríguez, who had served as vice president under President Nicolas Maduro, has promised stability amid economic uncertainty. After taking an oath of office, she vowed to guarantee the peace of the country, including "the economic and social tranquillity of our people." This morning, we recount the history of how Venezuela got to this moment. Plus, Nestle recalls baby formula products in Europe over concerns of food poisoning toxins.