Marketplace Morning Report

Bitcoin hit a record $122,000 this morning as the House of Representatives ramps up for what's being called "Crypto Week," where lawmakers will be taking up three bills that could lay the foundation for how digital assets are regulated. We'll hear more about what to expect. And later, we'll unpack market reactions to daily swings in tariff policy and learn how China's rare earth metal dominance comes at a significant environmental cost.

This week, we get a few snapshots of what inflation is doing. Everyone wants to know when tariffs will start showing up in the overall data, because they mostly haven't yet, partly due to the Federal Reserve's tight monetary policy. But that doesn't mean tariffs aren't affecting the economy. We'll discuss. Also: how Europe is trying to keep U.S. trade tensions from boiling over, and where copper imports are being diverted ahead of looming tariffs.

From the BBC World Service: The European Union is looking further afield for trade agreements after weeks of testy talks with the U.S. We'll hear how European leaders are feeling and discuss the likelihood of any trade deals. Plus, China holds a powerful card in the global economy: control over rare earth minerals, used in everything from smartphones to wind turbines and electric cars. We travel to the country's two biggest rare earth mining regions.

Medicaid is run by the states, but about 70% of its funding comes from the federal government. Now, given $1 trillion in cuts from President Donald Trump's tax and spending law, states are left trying to fill in the gaps and will have difficult care and coverage decisions to make. We'll unpack it all. Also on this morning's program, we'll learn about higher taxes on Canadian imports and how markets are responding to them.

Back-to-school shopping already? We're only about halfway through July, but for retailers — and some very organized parents — the back-to-school shopping season is already underway. Thing is, the sales forecast isn't looking so good. We'll hear more. A new survey from Deloitte says school shopping spending is expected to dip this year, when adjusting for inflation. Plus, President Donald Trump threatens new tariffs against Canada, and banks grow more cautious about making new loans.

From the BBC World Service: President Donald Trump has announced a new 35% tariff on Canadian imports, due to start next month. Tariffs are dominating talks at the Association of Southeast Asian Nations meeting in Malaysia, where many of its attendees could face import taxes of up to 50%. And following a peace deal between Rwanda and the Democratic Republic of Congo, the U.S., which brokered the deal, has signaled it wants a stake in the DRC's resources.

More than 200,000 federal workers have been fired, resigned, or taken early retirement since President Donald Trump's inauguration. Now, this week, the Supreme Court ruled that Trump can proceed with additional job cuts at federal agencies. We'll unpack the sort of labor market fired federal employees face and hear how some job hunters are faring. Also, this spring's power outage in the Iberian Peninsula highlighted the vulnerability of modern payment systems.

President Donald Trump says he wants 50% import taxes on goods from Brazil, even though Brazil buys more from the U.S. than it sells here. Trump has criticized Brazil's treatment of its former right-wing president, who's on trial for an alleged coup attempt. We'll hear more. Plus, most Federal Reserve officials think Trump's tariffs will have enduring effects on inflation. And, a new report finds deportations could cost California $275 billion annually.

From the BBC World Service: Lesotho has declared a national state of disaster that will last for two years. The government says soaring youth unemployment and job losses have pushed the small, mountainous country into crisis, and it's bracing for things to get worse with U.S. tariffs and aid cuts announced by President Donald Trump. Plus, a growing number of countries are stepping in with new laws to make sure cash payments don't disappear.

The high court has cleared the way for the Trump administration to plan out mass layoffs across the government. It's somewhat of a confounding decision, though, in that it appears to say two things at once: the job cuts can proceed, but they may or may not be legal. We'll discuss the implications. And later: Investors take a wait-and-see approach on tariffs, copper futures hit an all-time high, and teachers ramp up their AI skills.

More than 100 people are dead and 170 are still missing in Texas, where, on July Fourth, the Guadalupe River in Kerrville rose more than 30 feet in five hours. Staff shortages at the National Weather Service may have made it harder to coordinate a response, and Texas lawmakers are now reconsidering a bill to improve local governments' emergency communications infrastructure. Also: the economics of rebuilding wildfire-burnt homes with fire-resistant steel framing.

From the BBC World Service: England's biggest agricultural show has started, but away from the sheep shearing competitions and livestock judging, farmers are talking about international trade — and they're adamant about not giving ground in any future negotiations. Plus, the U.K. government is capping tax relief on farmland passed down through generations. And, we hear from a Scottish sheep farmer with more than 400,000 followers on YouTube about how merchandise tie-ins are supporting his business.

Among the spending cuts in the big tax bill signed into law by President Donald Trump last week: $186 billion over the next decade to the Supplemental Nutrition Assistance Program, also known as food stamps. Community food banks are already strained. Now, many worry whether they'll be able to keep up. Also on the program: Delta tries to crack the "last mile" in parcel delivery, and new tariffs could hit in three and a half weeks.

Today marks six months since the Eaton Fire ravaged the town of Altadena, about a half hour northeast of downtown LA. More than 9,000 structures burned — most of them homes. We'll check in with Lucie Russo of Southern California Radio/LAist about the loss of her home and where rebuild efforts stand. But first: Tariffs and other inflationary pressures are on the minds of shoppers during Amazon Prime Day.

From the BBC World Service: 14 countries received a letter from the White House saying a pause on tariffs due to expire Wednesday will now be extended to Aug. 1. Japan and South Korea are among the countries facing a renewed threat of 25% tax on U.S. exports, with other import duties ranging from 30% for South Africa to 40% for Myanmar and Laos. We hear reactions. Plus, a move to ban employer misconduct NDAs in the U.K.

Nations the world over have until Wednesday to strike trade agreements with the U.S., or face the return of astronomically high tariffs that were announced — and later paused — in April. But the White House has signaled some wiggle room, saying tariffs might not actually come back until August 1, should countries not make a deal. Plus, in the final installment of our "Buy Now, Pay Later" series, we look into why more people 65 and older are finding themselves in bankruptcy court.

Wednesday marks the deadline for countries around the world to strike new trade deals with the U.S. The steep reciprocal tariffs President Trump announced, and then delayed, back in April could come roaring back. Or maybe not. Mixed messages from President Trump and his advisors have left the outcome uncertain. But as the Wednesday deadline approaches, there are a number of new developments. Also on the show: consumer inflation expectations and knockoff clothing designs.

From the BBC World Service: An alliance of emerging countries — which includes Brazil, South Africa, China and Russia — has criticized the Trump administration's tariffs, causing the president to threaten them with an extra 10% tariff on trade.  And as trade tensions rise, we take a look at how the art of negotiations are being transformed by the U.S. approach to trade deals.

Layoffs have been in the headlines a fair amount recently, with some companies cutting jobs in stages. Microsoft, Amazon and BlackRock are among the employers that have reportedly had repeated rounds of layoffs in recent months. Plus, it's been 10 years since Ireland became the first country in the world to legalize same-sex marriage by popular vote. A decade later, these couples are contributing significantly to the wedding business in Ireland at a time when overall marriage numbers are falling. Our BBC colleague Leanna Byrne visited her hometown of Dublin to speak to couples and vendors about how the wedding industry has changed.

Changes in the interpretation of campaign finance law could be on the horizon. It's been 15 years since the high court decided that corporations and unions can give unlimited amounts of money to candidates. But political parties have to work within separate limits when it's money used in tandem by the party and the candidate. Also on the show: the state of news consumption in the U.S. and a new approach to homeless encampments in Northern California.

From the BBC World Service: President Trump's so-called One Big Beautiful Bill, has squeaked through Congress. It boosts military and border spending and extends Trump-era tax cuts, but makes deep cuts to healthcare and food aid. Saturday marks a year in office for the Labour Party in the UK, so what's the economic verdict of the past 52 weeks? And it's been 10 years since Ireland became the first country in the world to legalize same-sex marriage by popular vote, and same-sex couples are contributing significantly to the wedding industry when, overall, marriage numbers are falling.

The government reported today that 147,000 more people were on payrolls in June compared to May — a stronger outcome than initially forecasted. This data comes despite all the tariff-related uncertainty that many business execs have been speaking about lately. We'll discuss. Plus, AI scraping could fundamentally break the business model of the internet, and an oasis of merch and pop-up stores is appearing ahead of the Oasis reunion tour kick-off.

Rebuilding a business after a natural disaster can be slow and arduous. That's certainly the case in Asheville, North Carolina, where Hurricane Helene engulfed hundreds of structures in mud, water and debris last fall. In some parts of the city, damage was so severe that many businesses won't rebuild. Others, however, believe it's worth the risk and are rebuilding with resilience in mind. But first: a U.S. trade deal with Vietnam, and resumed semiconductor chip business with China.

From the BBC World Service: President Donald Trump says that under the deal, goods from Vietnam will face a 20% tariff — significantly lower than the 46% levy he announced in April. Then, seen as a safe-haven, platinum has been riding high recently. Last week, it climbed above $1,400 per troy ounce for the first time since September 2014. And the long-awaited Oasis reunion tour kicks off in Wales on Friday. We'll check out the merch economy.

The House of Representatives could vote as soon as today on President Donald Trump's big tax and spending bill. Trump says the legislation gets rid of taxes on Social Security benefits, but it's not quite that simple. We'll unpack. Then, we'll discuss this morning's surprisingly weak private payroll data. And, we'll travel to London ahead of the city's Pride festival, which has been hit by declining corporate sponsorship.

An ADP report providing a reading on the strength of the job market comes out today. Meanwhile, another measure shows the labor market treading water: job churn. Do we have the confidence to leave and take a different job? Amid continued economic uncertainty, many workers seem to be staying put, and employers seem hesitant to let workers go. Also on the show: the financial burden of deployment for military families.

From the BBC World Service: Australia, India, Japan, and the U.S. have launched a new push to secure supplies of critical minerals, especially the "rare earths" used in many tech products. Pride events in both the U.S. and the United Kingdom have been hit by falling corporate sponsorship. What effect will this have on events? Plus, the Australian airline Qantas says it's investigating a data breach, although it insists flights won't be impacted.

Surveys consistently show people want to age in their current home. Yet homeownership is costly for older adults of modest means, especially those still paying off their mortgage and living on fixed incomes. That hardship can be exacerbated, too, by additional medical or disability needs. We'll hear more as part of our Buy Now Pay Later project, produced in partnership with Next Avenue, a nonprofit news platform for older adults produced by Twin Cities PBS. But first: The Senate is coming off an all-nighter, and stocks rebounded remarkably this past quarter.

As part of the rules of reconciliation — which is what's letting the GOP pass its bill without Democratic votes — Senators can offer unlimited amendments. But the debate on each one is around 10 minutes. This gives senators a chance to change components of the bill, but it's also being used as a messaging tool to highlight policies some Senators feel are harmful. Also: a down dollar and a breakthrough in EV batteries.

From the BBC World Service: Political turmoil is brewing in Thailand after the country's prime minister, Paetongtarn Shinawatra, was suspended by the Constitutional Court. Her party, the Pheu Thai Party, has struggled to launch key economic policies since taking office. We'll hear more. Plus, a dispatch from Robinhood's international crypto event in Cannes and a trek to the Øresund Bridge, which has linked Denmark and Sweden — and impacted businesses there — for 25 years.

The GOP bill in Congress could make sweeping changes to Medicaid, the joint federal-state health insurance program for 70 million low-income people and people with disabilities. North Carolina recently expanded coverage for an additional 660,000 people. There, it's been a "lifeline" for some rural areas and injected federal dollars into the state's economy. We'll hear what's at stake with federal cuts. But first: the disconnect between "an economy that's slowing down and a stock market that's heating up."

One of the Supreme Court decisions released Friday limits the circumstances under which courts can issue nationwide injunctions. While the case was about the executive order related to birthright citizenship, it has consequences for consumers and businesses alike. We'll unpack how the decision may reshape things like class-action lawsuits. But first: The Supreme Court weighs in on Obamacare (again), and travelers opt for more cost-effective "destination dupes."

From the BBC World Service: Canada has scrapped its planned digital services tax hours before it was due to take effect after President Donald Trump threatened to end trade talks over the issue. The planned tax would have hit major U.S tech companies, including Amazon, Meta and Apple. We'll also hear how a British car manufacturer is responding to U.S. reduced tariffs, and a new sandal design has stirred controversy for Prada

If doctors can catch breast cancer early enough, the chances of survival are about 90%. In order to catch it early enough, women over the age of 40 usually get annual mammograms, paid for by their health insurance. Roughly half of those women have dense breast tissue that requires additional screenings, however, which aren't always covered by insurance. Also: a record-high stock market and the state of the economy surrounding the Strait of Hormuz.

Romance apps are struggling to get dates right now. Bumble says it's laying off nearly a third of its employees. Since the company's launch of its stock in 2021, stock prices have fallen about 90%. We'll hear how changing habits and economic uncertainty are factoring in. Plus: where the Senate version of the big tax and spending bill stands and a trip to Georgia, where farmland and solar panels are coexisting.

From the BBC World Service: A White House official said the talks lay the groundwork for expediting rare earth shipments from China to the U.S. Then, the 12-day war between Iran and Israel brought intense focus on a key waterway, the Strait of Hormuz. How has the conflict affected a region so dependent on the Strait? And, European leaders have been gathering in Brussels to decide on a common negotiating position toward the Trump administration.

A federal judge has stopped the Labor Department from halting operations at the federal Job Corps program, which gives teenagers and young adults training in trades like construction and car repair. We'll hear about the costs of the program — and the potential costs of cutting it. Plus, economic growth has been revised downward, and a new report finds that home ownership costs are uncomfortably high in nearly 80% of U.S. counties.

The Wall Street Journal is reporting that President Donald Trump is thinking about announcing his pick to replace Federal Reserve Chair Jerome Powell as soon as this fall, months before Powell's term is over. Plus, the national price tag for health care is expected to reach more than 20% of GDP by 2033, even as Congress considers significant cuts to what taxpayers spend on health care for vulnerable Americans. And later, what is a "shadow fleet"?

From the BBC World Service: In good news for Japanese consumers, rice prices have fallen to their lowest level in two months. That's after a shortage of the country's staple food, caused by a poor harvest and increased tourist demand. Then, Zimbabwe has moved forward with compensation payments to white farmers whose land was seized during a controversial land reform program more than 20 years ago. And, business leaders are in China for the country's annual economic forum.

This week marks three years since the Supreme Court's Dobbs decision, which struck down Roe v. Wade and paved the way for tighter abortion restrictions across the country. Now, grassroots abortion funds that help people travel to states where the procedure is legal are facing difficult financial times. We'll hear more. But first: Home-building costs and mortgage rates are still high, and China encourages more international trade during the World Economic Forum's annual conference.

Two sounds across much of the country this morning: the AC grinding away and the ticking up of your electric bill. With hotter temperatures and AI-driven data centers drawing so much power, investors are putting money into the power industry. Global investments in electricity could reach 50% more than what's spent on bringing coal, natural gas, and oil to market. Plus, Fed Chair Jerome Powell testified before the House yesterday, and FIFA's Club World Cup isn't generating as much hype as hoped for.

From the BBC World Service: We start today's show in the Netherlands, where President Donald Trump is for the NATO Summit. Most European countries have agreed to up their defense spending to 5% of GDP, though Spain has been less forthcoming. Then, India's dark stores deliver to online shoppers in just 10 minutes. What's the impact on retailers? And, demonstrators protest the lavish wedding of Jeff Bezos in Venice by throwing inflatable alligators into some of the city's iconic canals.