It's tariff time

Summary

Marketplace Morning Report: "It's Tariff Time" Release Date: August 7, 2025

In this episode of Marketplace Morning Report, host David Brancaccio delves into the latest developments in U.S. trade policies, market reactions, and the escalating issue of online scams. The episode, titled "It's Tariff Time," provides listeners with a comprehensive overview of the current economic landscape shaped by recent tariff implementations and the pervasive threat of cyber fraud.

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1. U.S. Tariffs Reach Historic Levels

David Brancaccio opens the discussion by highlighting a significant policy shift under the Trump administration:

"Today is the updated, pushed, delayed, we mean it this time. Tariff deadline imposed by the Trump administration... we're now at the highest average level of import taxes since the 1930s." (00:31)

These tariffs are primarily aimed at boosting American jobs, generating revenue for government spending, and asserting U.S. influence globally. Henry EP from Marketplace provides an in-depth analysis of the new tariff structures and their implications.

Details and Impact of the Tariffs

Henry EP explains the breadth and flexibility of the new tariffs:

"Imports from countries around the globe now face taxes anywhere from 10 to over 40%. The higher end of that scale includes one of our top trading partners, Canada, at 35%." (01:01)

He notes that the Trump administration retains the ability to adjust these rates as negotiations continue with key partners like China and Mexico. Additionally, Henry mentions a temporary relief for importers:

"Anything loaded onto a ship and in transit before 12:01 Eastern Time this morning will be taxed at a maximum of 10% as long as it arrives before early October." (01:51)

David summarizes this as a temporary buffer allowing businesses to adjust:

"All right, so a few more weeks of wiggle room for some products before the fully tariff stuff gets to people and companies." (01:59)

Henry further discusses the economic repercussions:

"The Yale Budget Lab estimates that Trump's tariffs will shrink American household incomes by about $2,400 on average. But that won't be felt equally; lower-income households will take a larger hit." (02:37)

Companies like Procter & Gamble and Walmart have already indicated plans to raise prices, signaling potential inflationary pressures on consumer goods.

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2. Market Reactions and Global Economic Context

As the tariffs take effect, David Brancaccio observes the immediate reactions in financial markets:

"S&P and Nasdaq futures are both up in the seven to eight tenths of a percent range. About two and a half hours here before markets open officially." (02:37)

He also highlights significant movements in international markets, particularly in Russia:

"The key index on the Moscow Stock Exchange is up nearly 5% after a Kremlin official confirmed Presidents Putin and Trump will meet in, quote, the coming days." (02:37)

This meeting is pivotal as President Trump continues to set deadlines for a peaceful resolution to the ongoing conflict between Russia and Ukraine, all while considering new economic penalties against Russia.

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3. The Rising Threat of Online Scams

Shifting focus to cybersecurity, David Brancaccio reports on Meta's (formerly Facebook) initiative to combat online fraud:

"WhatsApp, owned by Meta, said this week it has deleted nearly 7 million accounts it says are linked to criminal scam centers." (04:29)

These scams often involve unsolicited group additions promising wealth through cryptocurrencies. Meta is introducing new tools to help users defend against such fraud attempts.

Insights from Pew Research and Chris Farrell

Chris Farrell, Marketplace's Senior Economics Contributor, joins the conversation to shed light on the prevalence of online scams:

"73% of US adults have experienced some kind of online scam or attack." (05:18)

He emphasizes that while older adults are particularly vulnerable, scammers target all demographics indiscriminately. Notably, Chris points out:

"Black, Hispanic, and Asian adults are more likely to have multiple forms of online frauds happen to them." (05:33)

The financial toll is substantial:

"The FBI says a record $16.6 billion in losses from online scams and other Internet crimes last year." (06:02)

However, the actual figures are likely higher as many victims do not report these incidents. Common scams include fraudulent credit card charges and counterfeit goods that never arrive.

Chris discusses the challenges in combating these crimes:

"Everybody is struggling to keep up with these tech-savvy scammers... these are often organized global crime groups operating across multiple borders." (06:55)

David adds a personal touch by sharing his own experience with spam calls:

"I did not get a spam text during the course of our three-minute conversation here. Will wonders ever cease?" (08:09)

Chris underscores the public's dissatisfaction with current efforts:

"68% said the federal government is doing a very or somewhat bad job. 56% said tech companies are doing a bad job." (07:43)

Despite ongoing efforts, the battle against online fraud remains uphill, with technology advancing faster than protective measures.

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Conclusion

The episode "It's Tariff Time" effectively captures the multifaceted economic challenges facing the United States as of August 2025. From the implementation of historically high tariffs affecting both consumers and international relations, to the relentless surge in online scams threatening the financial security of millions, the episode provides listeners with a nuanced understanding of contemporary economic issues. Through insightful discussions and expert commentary, Marketplace Morning Report equips its audience with the knowledge needed to navigate these complex developments.

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Key Takeaways:

• U.S. Tariffs: Highest since the 1930s, affecting imports worldwide with rates between 10-40%, aiming to boost jobs and government revenue.
• Economic Impact: Projected decrease in average household income by ~$2,400, with lower-income families disproportionately affected.
• Market Reaction: Positive uptick in U.S. futures and significant movements in international markets amid geopolitical tensions.
• Online Scams: Surge in cyber fraud with substantial financial losses, widespread victimization across demographics, and ongoing challenges in law enforcement and corporate response.

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For more insights and detailed analyses, tune into the next episode of Marketplace Morning Report.

Transcript

[Narrator]

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[David Brancaccio]

Today is the updated, pushed, delayed, we mean it this time. Tariff deadline imposed by the Trump administration. I'm David Brancaccio in Los Angeles. The latest round of US Tariffs on most countries around the world are now in effect. And we're now at the highest average level of import taxes since the 1930s, all in the name of boosting US jobs, raising money to pay for government spending and exercising US Influence. Marketplace's Henry EP is here with more details.

[Henry EP]

Yeah, David, Imports from countries around the globe now face taxes anywhere from 10 to over 40%. The higher end of that scale includes one of our top trading partners, Canada, at 35%. But as we've seen for months now, the Trump administration could still change these rates. The US Is still trying to negotiate agreements with China and Mexico, for example, and even the trade partners the US has reached agreements with, like the European Union and Japan. The details of those frameworks have not been fully sorted out. And one important note, many goods coming into US Ports won't actually face these higher tariff rates yet. According to Customs and Border Protection, anything loaded onto a ship and in transit before 1201 Eastern Time this morning will be taxed at a maximum of 10% as long as it arrives before early October.

[David Brancaccio]

All right, so a few more weeks of wiggle room for some products before the fully tariff stuff gets, gets to people and companies.

[Henry EP]

Yeah, that could give some companies additional time to try to blunt the impact on consumer prices. And so far, we've seen many of them try to absorb the additional tariff costs that they've faced instead of passing it all on to consumers. But that may not last much longer. Procter and Gamble, for example, told investors last week it would start hiking prices on household staples. Walmart has also warned of higher prices. And overall, the Yale Budget Lab estimates that Trump's tariffs will shrink American household incomes by about $2,400 on average. But that won't be felt. Equally lower income households will take a larger hit to their incomes.

[David Brancaccio]

All right, Henry, thank you. S and P and Nasdaq futures are both up in the seven to eight tenths of a percent range. About two and a half hours here before markets open officially. The key index on the Moscow Stock Exchange is up nearly 5% right now after a Kremlin official confirmed Presidents Putin and Trump will meet in, quote, the coming days. The US President has been setting deadlines for Russ and Ukraine to reach a peaceful solution to the war Russia started and has lately been pushing for new economic penalties on Russia.

[Narrator]

This Marketplace podcast is supported by Ubico, makers of the yubikey Protecting the personal and business applications and accounts that people and companies rely on every day. The Yubikey stops AI powered cyber attacks, online identity scams, fraud and account takeovers. It provides powerful protection and it's easy to use. Simply tap your Yubikey to log in securely to everything from email to finance to productivity applications across all of your devices. Yubikey still undefeated. The original passkey [e-mail] this is the.

Story of the one as a quality technician in a food processing center, she knows that making the right call is the best way to avoid a recall. That's why she trusts Grainger's world class supply chain to deliver the high quality supplies she needs to help keep her production line, her equipment and her customers happy and healthy. Call 1-800-GRAINGER Click grainger.com or just stop by Grainger for the ones who get it done.

[David Brancaccio]

WhatsApp, owned by Meta, Facebook, said this week it has deleted nearly 7 million accounts it says are linked to criminal scam centers. If you have WhatsApp, you'll be familiar with those spams pulling you, without asking into, say, groups purporting to make you wealthy with cryptocurrencies. Meta says it's coming out with new tools to help users better defend themselves from fraud. And there's new data from Pew Research center on the near constant attempts to use our devices to swindle us out of money. Marketplace's senior economics contributor Chris Farrell's been looking at the data. Hey Chris.

[Chris Farrell]

Good morning, David.

[David Brancaccio]

What do you think? I mean, I'm seeing multiple attempts at fraud every single day now. The fraudulent call blocker on my mobile phone sometimes has to knock down eight creepy calls from the same number in rapid succession. Pew's been getting real data. What does it show us?

[Chris Farrell]

That your experience is commonplace. 73% of US adults have experienced some kind of online scam or attack.

[David Brancaccio]

Older adults can be especially vulnerable, but the fraudsters are happy to swindle any demographic.

[Chris Farrell]

This is a truly inclusive part of our economy. They don't care about age, income, education, so on. Everyone is a potential victim. However, Pew does highlight that these scams, or the group that's most vulnerable is younger and older adults. Pew also found there was no difference between racial and ethnic groups in experiencing online scams. But black, Hispanic and Asian adults are more likely to have multiple forms of online frauds happen to them.

[David Brancaccio]

How much money are we talking about?

[Chris Farrell]

So the FBI says a record 16.6 billion in losses from online scams and other Internet crimes last year. And that's an increase of one third from the previous year. But David, the true dollar amount, it's a lot higher. Since many online frauds are not reported. Pew says roughly three quarters of those surveyed who lost money to an online scam did not report the crime to law enforcement. By the way, the most common scams, online hackers making fraudulent charges on credit or debit cards. And that was followed by purchasing an item online. It never arrives. Or what arrives is a counterfeit.

[David Brancaccio]

All right. And people don't report it because often they're ashamed or they're scared. But you would hope that government business banking would coordinate on trying to block fraud. What's the status?

[Chris Farrell]

There is progress. There is more effort. That said, David, everybody is struggling to keep up with these tech savvy scammers. The likelihood of an online crook getting caught, it might not be zero, but it's so low. And an additional barrier to arrest and prosecution is the perpetrators. These are often organized global crime groups and they're operating across multiple borders.

[David Brancaccio]

Yeah, I mean, they did bust this one guy at JFK for, for online fraud and making threats, but the victim was the former head of the FBI who had also been former head of the CIA. I mean, yeah, they got that perpetrator. I don't know about the rest of us.

[Chris Farrell]

Yeah.

[David Brancaccio]

And in this vein, as for who might defend us from the fraudsters, they're not getting good ratings.

[Chris Farrell]

No. The Pew data, 68% said the federal government is doing a very or somewhat bad job. 56% said tech companies are doing a bad job. Yet it turns out. And you've covered this a lot. I know, David, you know the politics of dividing responsibilities for protecting people. Really difficult. In the meantime, considering how relentless and pervasive online scammers are, odds are you're gonna eventually fall for one.

[David Brancaccio]

Oh, look, I did not get a spam text during the course of our three minute conversation here. Will wonders ever cease? Marketplace's senior economics contributor, Chris Farrell in St. Paul. Than.

[Chris Farrell]

Thanks a lot, David.

[David Brancaccio]

Our producers are Tamar Fagan, Ariana Rosas and Erica Soderstrom. Our senior producer is Alex Schroeder. Our supervising senior producer is Meredith Garretson. Morby In Los Angeles, I'm David Brankacoats. The Marketplace Morning Report from apm American Public Media.

[Narrator]

This is the story of the One As a quality technician in a food processing center, she knows that making the right call is the best way to avoid a recall. That's why she trusts Granger's world class supply chain to deliver the high quality supplies she needs to help keep her production line, her equipment and her customers happy and healthy. Call 1-800-GRAINGER clickgrainger.com or just stop by Granger for the ones who get it done.