President Donald Trump unveiled sweeping tariffs on American imports, with the levies coming in higher than expected. Do we need to be stockpiling our carts to get in front of rising costs? We asked economists how they’re personally preparing for higher prices. Plus, Reema and Kimberly unpack international responses as countries buckle up to negotiate — or take retaliatory measures. Also, why are we putting tariffs on uninhabited islands near Antarctica?

Here’s everything we talked about today:

• “Tariffs Will Hit All U.S. Imports. Price Hikes for These Items May Surprise You” from The Wall Street Journal
• “Tariff-related layoffs hit five US auto plants that supply factories in Canada and Mexico” from CNN Business
• “Sweeping Trump tariffs shock global economy, draw calls for talks” by AP News
• Watch: “In Full: Prime Minister Anthony Albanese responds to new US tariffs” by ABC News Australia on YouTube
• “‘Nowhere on Earth is safe’: Trump imposes tariffs on uninhabited islands near Antarctica” by The Guardian
• “The Blunt Force Trauma of the Trump Tariffs” from Wired
• “Support Grows for President Trump’s America First Reciprocal Trade Plan” from The White House

Join us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

Keyed to President Donald Trump’s tariff announcement today, Kimberly and Sabri unpack some of the messaging about the impact tariffs had during the president’s first term and explain why many of those claims are overblown. Plus, why we’re smiling about Sen. Cory Booker’s historic speech and how Sabri fell victim to April Fools’ Day shenanigans! (Note: This episode was recorded prior to Trump’s speech.) 

Here’s everything we talked about today:

• “Trump’s Tariffs Make the Fed’s Interest Rate Decisions Tougher” from The New York Times
• “Tariffs Work — and President Trump’s First Term Proves It” from The White House
• “Economic View: Tariffs Have Strengthened the U.S. Economy” from the Coalition for a Prosperous America
• “Economic Impact of Section 232 and 301 Tariffs on U.S. Industries” from the United States International Trade Commission
• “ITC Study Proves Effectiveness of China Tariffs on Boosting Domestic Production, Reducing Dependence on Imports” from the Coalition for a Prosperous America
• “Home Depot to Charge For Parking to Combat Inflation” by Pro Tool Reviews
• “Booker sets new record for longest Senate floor speech” from Roll Call
• @kimberlyadams.bsky.social‬ via Bluesky

Got a question or comment for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

The idea that the government should be run more like a business isn’t new. But with two businessmen, Donald Trump and Elon Musk, now taking a proverbial chainsaw to the federal bureaucracy all in the name “efficiency,” this theory is being put to the test. While it’s an appealing idea, Philip Joyce, professor of public policy at the University of Maryland School of Public Policy, said governments can’t afford to take risks the way businesses can. On the show today, Joyce explains the origins of the idea that the government should be run like a business, how we define “success” differently for the two entities, and how the way Trump and Musk do business is showing up in the White House.

Then, we’ll break down the high stakes of today’s special elections in Wisconsin and Florida. Plus, reflections on serendipitous moments in walkable communities and what we gain by admitting we were wrong.

Here’s everything we talked about today:

• “Why Running the Government Like a Business Would Be a Disaster” from The New York Times
• “The US Government Is Not a Startup” from Wired
• “The US Postal Service has been struggling for years. Now Trump’s talking about privatizing it” from AP News
• “DOGE wants businesses to run government services ‘as much as possible’” from The Washington Post
• “UPDATE: RECOVER Long COVID pathobiology grants restored” from The Sick Times
• “NIH restores some long COVID grants” from C&EN
• “What to Watch in Wisconsin’s Supreme Court Election and Florida’s Special Elections” from The New York Times
• “What to watch for Tuesday in Wisconsin’s high-stakes Supreme Court race and special elections in Florida” from CNN Politics
• “Control of the Wisconsin Supreme Court is at stake in race that’s drawn powerful political interests” from AP News
• “Volume 52 | Issue 1 | February 2025” from the American Ethnological Society

Got a question or comment for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

President Donald Trump has promised that a fresh wave of tariffs on April 2 will usher in an era of growth in American manufacturing. But does history bear that out? We’ll explain how steel tariffs under President George W. Bush did more harm than good. And, in response to Trump’s trade agenda, the “buy Canadian” movement is gaining steam. American exporters are already feeling it. Plus, we’ll smile about flowers, parties and the unspoken rules of texting.

Here’s everything we talked about today:

• “As ‘Buy Canadian’ grows, more US companies say retailers shunning their products” from Reuters
• “Republicans scramble to shield their states from Trump’s next wave of tariffs” from Politico
• “Why steel tariffs failed when Bush was president” from Politico
• “Are You a Hostile Punctuator???” from Time
• “‘God’s way of smiling at us’: Iconic DC cherry blossoms create lasting joy, new beginnings” from USA Today

Got a question or comment for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

The artificial intelligence cloud computing provider CoreWeave sold shares to the public today with so-so results. Because it’s the first major IPO of the current generative AI era, some argue that CoreWeave could be a barometer of the AI boom. We’ll get into it. And, a federal appeals court ruled in favor of President Donald Trump’s firings of independent agency heads. The case will likely make its way to the Supreme Court. Plus, we’ll play a round of Half Full/Half Empty!

Here’s everything we talked about today:

• “Appeals court clears way for Trump to fire leaders of ‘independent’ federal agencies” from Politico
• “CoreWeave stock seesaws after IPO in first big test of AI trade” from Yahoo Finance
• “CoreWeave Is A Time Bomb” from Ed Zitron’s Where’s Your Ed At
• “OpenAI Unveils New Image Generator for ChatGPT” from The New York Times
• “DoorDash and Klarna partner to offer buy now, pay later for takeout” from Marketplace
• “Crocs hits record revenue as popularity with younger consumers soars” from Marketplace
• “When should we pay rent with a credit card? from Marketplace
• “Facebook’s New Friends Tab Brings App Back to Its Roots” from The New York Times

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On today’s episode, Kai and Reema discuss the disturbing arrest of a Turkish national with a valid student visa at Tufts University and the effects these immigration detentions are having on political speech. Plus, WNBA team New York Liberty got a shiny, new training facility. (No, it’s not a spa!) And, another big oops for National Security Adviser Mike Waltz. You just can’t make this stuff up.

Here’s everything we talked about today:

• “New York Liberty Unveil Practice Facility Amid WNBA’s Race to Attract Talent” from The New York Times
• “DoJ lawyers say detained Tufts student was sent to Louisiana before court order” by The Guardian
• Video: Marco Rubio’s comments on Ozturk’s arrest posted by Aaron Rupar on Bluesky
• “Mike Waltz Left His Venmo Friends List Public” by Wired

Join us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

In all the talk about senior White House officials discussing military attack plans over the messaging app Signal (and accidentally invited a journalist to the chat), one detail is being overlooked: the impact of the attacks on Yemen. We’ll get into it. And, we’ll unpack the chilling effect the Trump administration is having on U.S. tourism. Plus, nobody remembers that embarrassing time you misspoke in a Zoom meeting, right?

Here’s everything we talked about today:

• “Foreign Travelers Are Rethinking Travel to the U.S.” from The New York Times
• “Beyond the Signal fiasco, Trump’s Yemen strategy needs more scrutiny” from The Washington Post
• “Here Are the Attack Plans That Trump’s Advisers Shared on Signal” (gift link) from The Atlantic
• “Living Car-Free in Arizona, on Purpose and Happily” from The New York Times
• “The Ford Executive Who Kept Score of Colleagues’ Verbal Flubs” from The Wall Street Journal
• “As Republicans Denounce NPR and PBS, Democrats Mock Hearing” from The New York Times

Help Marketplace and Make Me Smart plan for an uncertain future. Donate now during our March fundraiser.

The United States and Ukraine are weighing a deal that would give the U.S. a cut of revenues from Ukraine’s rare earth minerals. But Gracelin Baskaran, mining economist at the Center for Strategic and International Studies, said rare earths aren’t all that rare. So why is the Trump administration scrambling to get its hands on these minerals from other countries? On the show today, Baskaran explains what rare earths are, why mining them isn’t always economically attractive, and what the U.S. is doing to try to catch up with China’s rare earth production. Plus, why recycling is only part of the solution.

Then, we’ll get into why Canadians are boycotting American vacations. And, how easy is it to get someone to dream about a tree or supply chain economics?

Here’s everything we talked about today:

• “Opinion | How Trump Can Turn the Ukraine Mineral Deal Into Real Security” from The New York Times
• “US seeks to reopen terms of Ukraine minerals deal” from Financial Times
• “Fact Sheet: President Donald J. Trump Takes Immediate Action to Increase American Mineral Production” from the White House
• “Ukraine mineral deal could bolster U.S. supply of key materials” from Marketplace
• “Why does DRC want a Ukraine-like minerals deal with Trump, amid conflict?” from Al Jazeera
• “The Space Station Is Too Clean, and It’s Making Astronauts Sick” from The Wall Street Journal
• “Canadians Are Boycotting American Vacations” from The Wall Street Journal

Got a question or comment for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Most of us can only wonder what goes on in U.S. national security leaders’ group chats, but The Atlantic’s Editor-in-Chief Jeffrey Goldberg doesn’t have to. Last week, Goldberg was accidentally included in a Signal group chat with high-ranking members of the Donald Trump administration, in which they discussed imminent war operations. Yes, this actually happened. Plus, the whopping $2.1 billion verdict you might’ve missed over Roundup weed killer. And, we smile over what’s happened since congestion pricing went into effect in Manhattan — all while dropping some Latin vocab.

Here’s everything we talked about today:

• “The Trump Administration Accidentally Texted Me Its War Plans” by The Atlantic
• “Bayer Drops After $2 Billion Verdict in Latest Roundup Trial” from Bloomberg
• “Third Circuit Rules Failure to Warn Claims Preempted by FIFRA” from the National Agricultural Law Center
• “Denzel Washington and Jake Gyllenhaal break Broadway box office records with ‘Othello’” by CNN
• “Congestion Pricing is a Policy Miracle” by Better Cities via Substack

Got a question or comment for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

It’s almost peak bloom in Washington, D.C., which means it’s time for our annual cherry blossom celebration! But first, some federal funding news: Columbia University will give in to far-reaching demands by President Donald Trump to restore threatened federal funding. We’ll get into what kind of precedent the move sets for higher education. And, the U.S. Department of Agriculture will cancel $500 million in food deliveries. Rural food banks could be impacted most. Plus, we’ll play a blossom-themed round of Half Full/Half Empty!

Here’s everything we talked about today:

• “Trump weighs in on report King Charles will offer U.S. Commonwealth membership” from The Independent
• “Columbia Yields to Trump in Battle Over Federal Funding” from The Wall Street Journal
• “USDA cancels $500M in food deliveries, leaving food banks scrambling” from The Washington Post
• “Ohio among best places to see cherry blossoms blooming. Here’s where” from The Columbus Dispatch
• “Cherry Blossom predictions are in! Will AI bloom or bust?” from George Mason University
• “Beyond the bud: How the nation’s pink trees became an indicator of changing climate” from WBAL
• “2025 National Cherry Blossom Festival set to boost DC tourism” from ABC7 News

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Not totally sure how tariffs work, who pays for them and how they’re collected? Look no further. In today’s episode, Kai and Nova answer these questions and more. We’ll explain how tariffs are applied and what they’re based on, as well as what happens when a good crosses a border multiple times. Plus, what’s the point of a country retaliating with tariffs if its citizens have to pay for them? We’ll get into it.

Here’s everything we talked about today:

• “Who Pays for Tariffs? Here’s What You Need to Know.” by The New York Times
• “China’s retaliatory tariffs on agricultural goods will squeeze farmers” from Marketplace
• Listen: Audio snippet on deals exporters and importers make to determine who will pay in the event of unexpected tariffs via OtterAi
• “How Tariffs Work” from The New York Times
• “Automakers warn that Trump tariffs will hike vehicle prices as much as 25%” from Reuters
• “Buying a Car? Trump’s Tariffs Could Make It More Expensive.” by The New York Times
• “Europe Delays Tariffs on U.S. Whiskey to Make Time to Negotiate” by The New York Times
• “Trump’s 200% tariff threat would be ‘a real disaster’ for Europe’s wine industry” by AP News

Join us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.