The Trump administration hopes that tariffs will encourage more products to be made in America. But a new report out this week also says the president's tariffs will be an effective tax increase, with low-income consumers hit the hardest. We'll unpack. Plus, by one analysis, California's economy is now the fourth largest in the world. And later: how the Trump administration is pushing the limits of authority over independent agencies.
--------
6:53
Trade tensions play out in a U.S.-Canada border town
In the months since President Donald Trump's re-election, a lot has changed between the United States and Canada. New import taxes and talk of Canada becoming the 51st state, for example. It all adds up to a strained relationship where Canadians feel both betrayed and uncertain about the future. Today, we're visiting Thunder Bay, Ontario to hear more. Plus, we're looking at why more farmers are struggling to pay back their debt.
--------
7:14
Britain's Post Office pays millions for a faulty system
From the BBC World Service: The U.K.'s Post Office continues to pay millions of dollars to use the bug-ridden Horizon IT system, whose failings resulted in hundreds of wrongful fraud convictions. We'll unpack why the Post Office has failed to switch systems yet. Then, India revokes visas and Pakistan halts trade after a deadly attack in Indian-administered Kashmir. Plus, we'll examine the rise in the price of gold.
--------
7:24
Quantifying corporations' climate damage
Scientists say they have developed a way to measure how much liability individual corporations have for the economic damage caused by climate change. The total cost over decades is calculated at $28 trillion, with 10 fossil fuel companies responsible for more than half of that amount. Plus, we'll read between the lines of the Federal Reserve's Beige Book and hear how a Baltimore community college is rising to meet a hunger for welders.
--------
7:04
When IRS info is shared with law enforcement
The government has moved to give immigration officials access to IRS records. The Trump administration wants to use tax information to find people under deportation orders or who have committed crimes. Critics say this move is illegal and could cost the government tens of billions of dollars in tax revenue. Also on the show: international tourism declines in the U.S. and how tariffs are shaping the toy biz.
In less than 10 minutes, we'll get you up to speed on all the news you missed overnight. Throughout the morning, Marketplace's David Brancaccio will bring you the latest business and economic stories you need to know to start your day. And before U.S. markets open, you'll get a global markets update from the BBC World Service in London.
New Zealand