Author: Marketplace

The U.S. trade deficit hit a record high in March, as businesses rushed to bring in goods ahead of new import taxes. Now that President Trump’s tariffs on goods from China have set in and globally targeted tariffs are set to resume in July, what happens to the trade deficit? Plus: Lab-grown diamonds disrupt a centuries-old industry, a few big companies are back in the bond market and how the trade war could disrupt retirement plans.

 

So far, President Trump’s “drill, baby, drill,” agenda has proven to be a sharp turn from Biden-era climate initiatives, including the landmark spending bill the Inflation Reduction Act (IRA). 

And thanks to President Trump’s attempts to claw back control over IRA funds, as well as his recent budget proposal which drastically cuts climate spending, the future of America’s fast-growing clean energy economy looks uncertain. 

“The world is switching to electric vehicles, the world is switching to solar and wind,” said Christopher Knittel, economics professor and associate dean for climate and sustainability at the MIT Sloan School of Management. “And the less we do domestically, the less capability we build domestically to provide those clean energy resources, the worse off our industries will be in the future.”

Knittel explains President Trump’s efforts to phase out Biden-era climate initiatives, why some Republicans are reluctant to get rid of the IRA entirely, and why the U.S. getting left behind in a world committed to decarbonization poses a threat. 

Plus, the new Canadian Prime Minister Mark Carney told President Trump that Canada is “not for sale” in a meeting earlier today. And, the REAL ID deadline is coming in hot, though not all states seem equally prepared. 

Then, we’ll hear about how Seattle businesses are showing love for Canadian visitors and a listener share’s her daughter’s frustrations with “shrinkflation.”

Here’s everything we talked about today:

- Trump administration cancels clean energy grants as it prioritizes fossil fuels by AP News

- What Trump's budget cuts could mean for the environment by AP News

- The Race to the Top in Six Charts and Not Too Many Numbers from RMI

- Republicans haggle over green tax credits as battle lines deepen from Politico

- How We Survive from Marketplace

- Trump’s trade war with Canada has backfired on America. Now he has a crucial meeting with Mark Carney from CNN Business

- Trump knocks Canada ahead of Carney meeting by The Hill

- @carlquintanilla.bsky.social‬ on Bluesky

- What you need to know about the REAL ID requirements for air travel from NBC News

- Real ID deadline is weeks away and most states aren't fully compliant yet from CBS News

- Seattle Restaurants Are Offering Canadian Tourists a Discount, and an Apology by Eater Seattle

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

Ford Motor Company reported first-quarter results yesterday and said it’s suspending financial guidance for the rest of this year because of uncertainty resulting from tariffs. We'll hear more. Plus, some companies in Mexico are recruiting recently deported migrants from the States. And the guardians of interest rates at the Federal Reserve meet today and tomorrow on what to do about an economy under stress. Will they be hawkish or dovish?

On Wednesday, 133 Cardinals are expected in the Sistine Chapel to start choosing the next pope. And people worldwide are placing millions of dollars in bets over who they think will get the two-thirds majority required to become the Catholic Church’s next leader. Also on the show: OpenAI hits a roadblock in trying to become a for-profit company, and China's offering cash and more parental leave to encourage a baby bump.

From the BBC World Service: DoorDash is paying $3.8 billion to take over U.K. food delivery app Deliveroo as it looks to gain a footing in the market there. Elsewhere, Germany's DAX is down 2% after the leader of Germany's conservative party, Friedrich Merz, unexpectedly failed to win the parliamentary majority needed to become chancellor, New Zealand's prime minister wants to keep kids off social media and some businesses in Mexico are hiring English-speaking deportees.

In an internal memo to his staff in April, Fiverr CEO Micha Kaufman wrote that “AI is coming for your jobs. Heck, it's coming for my job too. This is a wake-up call. It does not matter if you are a programmer, designer, product manager, data scientist, lawyer, customer support rep, salesperson, or a finance person - AI is coming for you.” Marketplace’s Meghan McCarty Carino spoke with Kaufman, about his "radical candor" on the subject and how he wanted to spur them to think creatively about how they can remain relevant in the face of fast-changing technology.

Oil companies are barely breaking even on crude oil right now — a barrel of West Texas Intermediate started Monday at a paltry $58. If prices stay low, firms will have a choice to make: invest in new production, or pay investors dividends. Plus, the services sector expanded but remains wary of tariffs, health care hiring may not weather major cuts to Medicaid and we visit an electric vehicle showcase in Shanghai.

 

The Trump administration is hoping tariffs will spur companies to bring manufacturing back to the United States. But a new survey from the Federal Reserve Bank of Dallas found that most companies are planning to deal with tariffs another way. (Spoiler alert: we totally saw this coming!) We’ll also discuss how the Department of Homeland Security is hoping to cut the cost of mass deportations. Plus, did Trump get the idea to reopen Alcatraz from a movie?

Here’s everything we talked about today:

-Post on Bluesky from Carl Quintanilla

-"Tariff Politics; Rent-Stabilized Tenants May See a Rent Hike; Surviving Wall Street; Celebrating NYC's Mexican Communities" from The Brian Lehrer Show 

-"DHS Announces Historic Travel Assistance and Stipend for Voluntary Self-Deportation" from Department of Homeland Security 

-"US offers $1,000 stipend to encourage migrants to self-deport" from Reuters

-"Mass Deportation: Devastating Costs to America, Its Budget and Economy" from American Immigration Council

-"Trump Seems to Have Decided to Reopen Alcatraz Because of a Movie" from The New Republic

-"Trump Says He Wants to Reopen Alcatraz as a Functioning Prison" from The New York Times

-"Met Gala 2025: Highlights from exhibit of Black style and designers" from AP News  

-​"'Tailoring Black Style': Dandyism shines at the 2025 Met Gala" from NPR

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

It’s been almost a month since President Donald Trump announced 145% tariffs on all Chinese goods. One of the places we’re starting to see the impact of that announcement is at U.S. ports. Almost as soon as Trump raised tariffs on China, U.S. importers started canceling orders. And it could lead to a major supply chain shock. Also: tariffs on international films and strategies for older adults to work down credit card debt.

Warren Buffett is stepping down as CEO of Berkshire Hathaway after 60 years, though he'll still stay on as chairman. The legendary investor, age 94, announced at Berkshire Hathaway's annual shareholder meeting in Omaha, Nebraska. We'll hear more. And later: Have you ever wanted to spend your days with seals, sea lions and turtles? Today, we'll chat with an aquatic veterinarian who does just that, as part of our series "What's That Like?"