On this edition of “Economics on Tap,” Kimberly and Sabri discuss how it’s nearly impossible to tariff-proof your shopping list (or cocktail) because of the way our global economy works. They also get into why reshoring might be easier said than done. Plus, could Congress claw back some of the authority on tariffs? And the hosts weigh in on this season of “White Lotus” in a round of Half-Full/Half-Empty!

Here’s everything we talked about today:

• “These cocktails and wines could get pricier if Trump imposes tariffs” from The Washington Post
• “US Senate Republican pushes to require congressional approval for new tariffs” by Reuters
• “House Republican moves to rein in tariff powers” by Politico
• “Powell Warns Trump’s Tariffs Risk Stoking Even Higher Inflation and Slower Growth” from The New York Times
• “The Revolving Restaurant Is Back Again (and Again)” from The New York Times
• “Americans Rush to Buy TVs, Soy Sauce, Lululemon Workout Gear” from The Wall Street Journal
• “This Financial Firm Can Give Investment Advice in Gen Z Slang, No Cap” from The Wall Street Journal
• ‘The White Lotus” Season 3 finale: How to watch, plus what we know about Season 4 from Yahoo Entertainment

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

Tariff-driven inflation will hit Americans with the lowest incomes the hardest, slashing their disposable income by at least $1,700 a year, the Yale Budget Lab predicts. We’ll explain why. And the labor market could suffer too if demand falls for all those higher-priced products. Plus, New Mexico allocates oil and gas revenue to child care programs, and in booming West Texas, some residents struggle to access running water.

Because it probably won’t look pretty. The stock market plummeted again this morning on news that China is putting hefty new tariffs on American goods — 34% to be exact. In other data news, unemployment unexpectedly ticked up, and job gains were relatively uninspiring. We’ll unpack. Then, we’ll hear what tariffs mean for cheap clothing and glean tips from car buyers at a used car auction as part of our Tricks of the Trade series.

Jeep and RAM’s parent company Stellantis announced at least temporary layoffs as it shifts strategy in light of new tariffs. The Wall Street Journal says Volkswagen plans to put an import fee line onto car sticker prices. Yet tariffs are winning tentative support from the United Auto Workers Union, who hopes that tariffs bring more production back to American union plants. Plus, commodity prices drop, and VC dollars flow to AI startups.

From the BBC World Service: Asian and European markets have fallen further as global markets continue to process the impact of President Donald Trump’s tariffs. Also on the show, the CEO of pharmaceutical giant Eli Lilly reflects on tariffs and the CEO of Microsoft says humans need to be involved in AI decisions that impact our lives. Plus, we hear how car buyers can snap up ex-rental bargains at auction.

OpenAI — the maker of ChatGPT — keeps raising more money, this time in a $40 billion round led by SoftBank. We’ll get into the strings attached in Marketplace “Tech Bytes — Week in Review.” Plus, what’s going on with Tesla’s sales slump? And how much is its polarizing CEO, Elon Musk, to blame? But first, the clock is ticking on a TikTok sale. The extended deadline, which may or may not be a real deadline according to President Donald Trump, is coming Saturday. As of this episode’s recording, the hugely popular short-form video app was supposed to find a U.S. buyer or be banned, and plenty of suitors have thrown their hats into the ring. Marketplace’s Meghan McCarty Carino spoke with Maria Curi, tech policy reporter at Axios, about all these topics and more.

Want to make a difference with your money? In this episode, host Yanely Espinal speaks with author and financial educator Kara Perez about how to align your money with your values. Perez gets into the ways that you can spend, save, and invest based on what matters to you. 

Think you’re financially inclined? Dig deeper into making change with your money: 

• Learn more about sustainable investing from Harvard Business School
• Read about the impact of supporting small businesses 
• Find more on ethical banking from NerdWallet

Are you in an educational setting? Here’s a handy listening guide. 

Thanks for listening to this episode of “Financially Inclined”! We’d love to hear what you learned from it or any questions you’d like us to answer in a future episode. You can shoot us an email at financiallyinclined@marketplace.org or tell us using this online form.

This podcast is presented in partnership with Greenlight: the money app for teens — with investing. For a limited time, our listeners can earn $10 when they sign up today for a Greenlight account.

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.

Uncertainty about tariffs and trade policy has been top of mind since President Donald Trump’s election in November. We finally know how high those tariffs will be (between 10% and 54%) and to which countries they’ll apply (almost all of them). Now, a key question is: How much will prices rise? In this episode, business owners prep for the costs and some economists predict an economic downturn. Plus: The administration wants the IRS to share undocumented immigrants’ protected information with Homeland Security.

KPMG chief economist Diane Swonk offers a bleak prognosis for the economy after President Donald Trump’s across-the-board tariffs. The risk of a recession has gone up, she says, as has the risk for stagflation. And the job of the Federal Reserve just got much harder. We’ll also learn how the cost of those tariffs will be passed onto consumers and hear a conservative take on tariffs and industry reshoring.

34%. 32%. 24%. 20%. Those are the additional tariff rates on — in order — China, Taiwan, Japan and Europe that President Donald Trump has imposed. Stock markets are down hard. This morning, we’ll parse how key U.S. trade partners are responding to new duties on goods and hear what all this means for everyday consumers. Also on the show: Why haven’t higher interest rates slowed the job market?