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In over a hundred years, no president has ever fired the chair of the Federal Reserve … yet! President Donald Trump says he could show Jerome Powell the door, even though Powell says he’s not going anywhere. We’ll explain why it might all come down to the Supreme Court. Plus: the economic conditions that led to the American Revolution. And, a smile-worthy photo reminds us it's never too late to try new things!Here’s everything we talked about today:“Trump: If I ask Powell to leave, ‘he’ll be out of there’” by The HillHumphrey's Executor v. United States from Oyez“Recreating Paul Revere's ride from Boston 250 years later, 2 men prepare for landmark journey” from CBS News Boston“A Hall of Fame baseball player picked up photography in retirement. He captured one of the defining shots of the Masters.” by Business InsiderJoin us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

Since President Donald Trump took office, his administration has ignored court rulings on a range of issues from press access to deportations. Now, a federal judge might hold him in criminal contempt of court. We’ll unpack the Zeno’s paradox of constitutional crises. Plus, where luxury goods actually come from and why you may want to think twice before buying one. And if you’re looking to zone out, turn on the “Great Moose Migration.”Here’s everything we talked about today:@kyledcheney.bsky.social‬ on Bluesky“What happens if a president and the federal government fail to follow a judge's orders?” by NBC NewsJ.G.G., et al., v. Donald J. Trump, et al. from the United States District Court for the District of Columbia “What to do in case of a constitutional crisis” by CNN“How is civil society responding to the US constitutional crisis?” from the Brookings Institution“Trump’s China tariffs spark viral TikTok work-arounds” from Fast Company“'Chinese Warehouse' TikTok Videos Urge Americans to Buy Directly From Them” from Newsweek“Ignore advice to buy direct from Chinese factories with DHGate, others” from The Washington Post“The ‘Great Moose Migration’ Livestream Captivates Sweden” from The New York TimesGot a question or comment for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Happy Tax Day, folks. While you’re hitting “Submit” on your returns, lawmakers in Washington are negotiating over what next year’s Tax Day could look like. Congress is aiming to pack President Donald Trump’s promised tax cuts into one behemoth reconciliation bill. But Caitlin Reilly, tax and economics reporter at CQ Roll Call, said there’s a long way to go before making these promises a reality. On the show today, Reilly explains why Congress is pursuing “reconciliation,” the accounting magic lawmakers are using to make certain tax cuts look free, and how the House and Senate will square two drastically different mandates for spending cuts. Then, we’ll look into how Boeing is getting caught up in the U.S.-China trade war. And, a tax professor answers the “Make Me Smart” question.Here’s everything we talked about today:"House Republicans Passed a New Budget. Here's What's in It." from The New York Times"Senate GOP passes budget plan, setting up a critical next phase for Trump agenda" from NPR"House GOP adopts budget framework, paving the way for Trump’s ‘big, beautiful bill’" from Politico "'Current policy' debate dogs budget reconciliation efforts" from Roll Call"Your cheat sheet to Congress’ budget fight" from PBS Newshour"China Goes After Boeing, Tells Airlines Not to Order New Aircraft From U.S. Jet Maker" from The Wall Street Journal We want to hear your answer to the “Make Me Smart” question. Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Nearly a decade after Brexit, the British economy is still feeling the fallout. Now, President Donald Trump seems to be pulling from a similar playbook — with tariffs that could reshape the U.S. economy in eerily familiar ways. (Shocker, we know!) But first: Trump threatens to send Americans to prisons in El Salvador. The constitutional crisis alarm bells are ringing. Plus, poop in space is a bigger problem than you might think.Here’s everything we talked about today:"Trump again threatens to send Americans to prisons in El Salvador" from Axios"Fox Nation Plans Game Show About Isolated People Guessing What Trump Did In His First 90 Days" from The Hollywood Reporter"Trump admin shrinks federal Medicaid funding available to states" from Axios"HHS Lays Off All Full-Time Cruise Ship Health Inspectors Amid Illness Outbreaks: Report" from The Huffington Post"NASA offers $3M in competition to recycle human poop in space" from UPI"How Brexit, a Startling Act of Economic Self-Harm, Foreshadowed Trump’s Tariffs" from The New York Times"Meet the Comedian Putting Trump Voter Regret to Music" from Rolling Stone Got a question for our hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Amid this week’s tariff turmoil, U.S. stocks tumbled, U.S. Treasurys sold off, and the U.S. dollar weakened. Kai explains what this triple sell-off could mean for the future of the American economy. And, is the era of cheap stuff in America over? Donald Trump administration officials are arguing it’s a good thing. We’ll get into it. Plus, we’ll weigh in on penguin memes and using public phones during a round of Half Full/Half Empty. Here’s everything we talked about today:"Treasury Secretary Bessent says the American dream is not about 'access to cheap goods'" from CNBC"Cheap Consumer Goods Are the American Dream, Actually" from Bloomberg"The Trump administration says cheap goods aren’t part of the American dream. They’re wrong." from Vox"The bond market is acting weird. It spooked Trump" from CNN Business"After Trump’s Tariffs, Stocks Plunged but Penguin Memes Ticked Up" from The New York Times"More students opt for certificates as undergraduate degree earners decline" from Marketplace"A Frenzy at Trader Joe’s: ‘Everyone’s Here for the Tote Bags’" from The New York Times"The Masters offers public phones as alternatives to cellphones. Here's what attendees think" from Fast CompanyGot a question for our hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Today, it’s all YOU! We’re diving into the mailbag to play your voicemails, read your comments, and answer your questions after a wild week of tariff insanity. We’ll hear from YOU on how you’ve been riding the economic uncertainty. Plus, is Trump’s tariff pause, really a pause? And a listener shares what it’s been like teaching elementary students about tariffs. Here’s everything we talked about today:“US-China Trade War Tariffs: An Up-to-Date Chart” from the Peterson Institute for International Economics“The Fiscal and Economic Effects of the Revised April 9 Tariffs” from The Budget Lab at YaleMillion Bazillion by MarketplaceJoin us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

The world woke up to a very different economy today. Then, President Donald Trump announced a 90-day pause on some of his tariffs. The news was announced as the official in charge of U.S. trade policy was testifying on Capitol Hill. We’ll break down the trade official’s tense exchange with lawmakers and the real consequences of this week’s market madness. Plus, we’ll laugh so we don’t cry about the economy.Here’s everything we talked about today:"U.S. Trade Rep. Testifies on Pres. Trump's Trade & Tariff Agenda" from CSPAN"Live updates: Trump orders 90-day pause on new tariffs except for China" from CNN Bluesky post from Jeva Lange How are you coping with the tariff whiplash? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

You may be wondering whether the prices of your go-to products, from avocados to smartphones, will be raised by tariffs in the coming weeks. We hear you! On the show today, Martha Gimbel, executive director of the Budget Lab at Yale, gives us a broad view of the tariff landscape, how the prices of certain consumer goods could change, and how Trump’s trade agenda could impact the American economy in the long run. Plus, why a trade deficit isn’t necessarily a bad thing.Then, we’ll smile about the joy of listening to kids learn to talk. And, Carrie Lane, author of “More Than Pretty Boxes: How the Rise of Professional Organizing Shows Us the Way We Work Isn’t Working,” answers the Make Me Smart question.Here’s everything we talked about today:"Tariffs on China set to rise to at least 104% on Wednesday, White House says" from CNN Business"Stock Market Today: Dow, S&P 500 Swing Wildly; Trump Threatens More China Tariffs" from The Wall Street Journal"What is the status of the Trump administration's tariffs?" from Marketplace"Where We Stand: The Fiscal, Economic, and Distributional Effects of All U.S. Tariffs Enacted in 2025 Through April 2" from The Budget Lab at Yale"Trump Tariff Tracker" from the Atlantic CouncilGot a question or comment for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Global markets are reeling after President Trump’s latest tariff announcement last week, prompting business executives like JP Morgan CEO Jamie Dimon to speak out against Trump’s trade agenda. This comes just a few months after Dimon previously said to “get over” Trump’s tariff threats. Kai has thoughts. Plus, we’ll get into how long it could take for global trade to rebalance and what some conservative think tanks are saying about all the tariff upheaval.Here’s everything we talked about today:“JPMorgan CEO Jamie Dimon Warns Tariffs Will Raise Prices, Slow Growth” from The Wall Street Journal “Jamie Dimon says Trump's tariff policy is positive for national security so people should 'get over it'“ from CNBC“New tariffs could spell major trouble for global economy” from the Competitive Enterprise Institute “Trump’s Tariffs Are an Economic Emergency for Americans” from the American Enterprise Institute “Brace for Impact, America. Trump’s Tariffs Will Soon Hit Your Bank Accounts” from the Cato Institute Got a question or comment for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

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.

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 NewsWatch: “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 SocietyGot 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 TodayGot 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 TimesMarketplace’s March fundraiser ends today! Chip in now and pick up a classic public media thank-you gift: https://support.marketplace.org/smart-sn

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 GuardianVideo: 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 TimesHelp 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 JournalGot 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 NewsDonate to our March fundraiser to get classic public media thank-you gifts! https://support.marketplace.org/smart-sn