Marketplace Morning Report: "Costco wants its tariff money back"

Date: December 2, 2025
Host: David Brancaccio

Episode Overview

This episode provides a succinct update on two major business stories:

1. Costco’s lawsuit seeking a refund for Trump-era tariffs, a case now before the Supreme Court, with major implications for U.S. importers.
2. The early development of a "moon economy," highlighting the shift from government-led to commercial space activities, including mining and resource claims, discussed in an interview with economist Matt Weinzierl.

1. Costco and the Fight for Tariff Refunds

Segment Begins: [01:14]

Key Points and Insights

• Supreme Court Challenge:
  The Supreme Court recently heard cases challenging the legality of tariffs imposed by President Trump. The plaintiffs range from small businesses to major companies like Costco, Revlon, and Kawasaki.
• Costco’s Lawsuit:
  Costco is suing the federal government to ensure they can get their tariff payments back if the court rules the tariffs illegal. The company asserts there is no guarantee of automatic repayment without litigation.
• Financial Stakes:
  Over $100 billion in tariffs have been paid by U.S. firms in 2025 alone. Costco claims continuous tariff payments but hasn't publicly stated the total amount at stake.
• Skepticism in the Court:
  Several conservative Supreme Court justices showed skepticism toward the administration’s defense of the tariffs.
• Process Uncertainty:
  If the tariffs are overturned, the refund process for affected companies is unclear.
• Timeline:
  A decision could arrive by the end of the year due to the case’s expedited status.

Notable Quotes

• David Brancaccio [01:14]:
  “If a large class of Trump tariffs are ruled illegal, is their money back?...Costco wants a refund. The retail chain is suing the Trump administration to get money back if the tariff strategy doesn’t hold up...”
• Henry Epp [01:42]:
  “Costco says its suit is necessary because there’s no guarantee they’ll be repaid if the court strikes down the tariffs...U.S. firms have paid over $100 billion in tariffs this year.”

2. Market and Consumer Update

Segment Begins: [02:46]

Key Points

• Market Snapshot:
  • S&P futures up 0.3%
  • Nasdaq futures up 0.4%
• Cyber Monday Recap:
  • Online spending increased by 4.5% from last year, according to Adobe Analytics, but this is less than predicted.
• Inflation Context:
  • September government shutdown delayed retail inflation metrics; most recent annual increase was 3%.

3. The Emerging Moon Economy

Segment Begins: [05:01]

Key Points and Insights

• No “Moon Economy” Yet—But It’s Coming:
  David Brancaccio introduces the topic of commercial activity and a future economy on the Moon, featuring an interview with economist Matt Weinzierl from Harvard Business School.
• Why Go to the Moon?
  • National prestige and security remain core motivators.
  • New focus: Profit, mining lunar soil, and services for other lunar customers.
  • Notable resource areas: Water ice and continuous solar exposure are key for future lunar activities.
• Rise of Commercial Space:
  • Companies like Interlune have contracts (e.g., for Helium-3 mining), indicating increased private sector involvement.
  • Unlike earlier government-centric exploration, current efforts mix government and commercial interests.
• Commercialization vs. Privatization:
  Weinzierl clarifies that space policy is about commercialization, not full privatization—the government remains a key customer but actively encourages companies to seek additional markets and services.
• Moon Resources—Regolith and Mining:
  • Moon dust (regolith) is being reconsidered for commercial use; mining the Moon, long a sci-fi concept, is now legally possible due to recent changes in U.S. policy.
  • U.S. law since 2015 allows American companies to claim property rights over space resources, a controversial move mirrored by other nations.
  • The Outer Space Treaty (1967) prevents sovereignty claims but is vague on commercial resource rights.

Notable Quotes

• Matt Weinzierl [05:47]:
  “Some companies are raising money to go actually do things on the moon for profit, whether it’s mining the lunar soil or providing services to other customers on the lunar surface...the big change in space over the last couple decades is this rising commercialization.”
• Matt Weinzierl [06:46]:
  “...this is not really about the privatization about the space economy. It’s really what we like to talk about as the commercialization. So it’s not that the government’s getting out of space. Government is still likely to be the main customer, especially for risky and difficult things like creating a permanent presence on the moon.”
• Matt Weinzierl [08:16]:
  “The outer space treaty...is very clear that countries cannot claim sovereignty over any territory in space or any celestial object. But it’s not as clear on whether companies or countries can claim a property right over resources in space. And the United States unilaterally passed legislation in 2015 giving US companies the right to claim just such property rights.”

4. Closing Notes

Segment Begins: [09:10]

• Teaser for tomorrow’s coverage: A company working on power and recycling for the Moon economy.
• Personal aside: Brancaccio reveals his hobby as a high-power rocketeer and invites listeners to watch his "little theory of rockets and the stock market" on Marketplace’s social media.

Memorable and Notable Moments

• [01:14, Brancaccio]:
  Framing the key legal and economic stakes for importers like Costco, and the unusually large amount of tariff revenue in play.
• [06:26, Brancaccio]:
  Highlighting the arrival of private contracts (like Interlune and Helium-3 mining) as evidence of commercial ambition on the moon.
• [08:16, Weinzierl]:
  Discussion of legal gray areas in space resource rights, signaling upcoming international debates as lunar mining becomes a real possibility.

Timestamps for Important Segments

• [01:14] — Supreme Court tariffs case and Costco’s lawsuit
• [02:46] — Market and Cyber Monday update
• [05:01] — The “moon economy” & commercial space interview with Matt Weinzierl
• [08:16] — Controversial U.S. law on space resource claims
• [09:10] — Closing notes and segment previews

For listeners who missed the episode: This summary captures the core business and economic stories—legal battles over tariffs with potential billions at stake, and the dawn of commercial ventures on the Moon—as well as the larger trends shaping these developments. The tone remains conversational yet informative, blending legal, financial, and speculative economic insights in a quick, news-driven format typical of Marketplace.