So few deals, so little time left

Summary

Marketplace Morning Report: "So Few Deals, So Little Time Left" – July 30, 2025

Hosted by David Brancaccio

In this episode of Marketplace Morning Report, David Brancaccio navigates listeners through a spectrum of pressing economic and technological issues, from looming U.S. trade deal deadlines to the saturation of Michigan's marijuana market and emerging cybersecurity concerns in the dating app sphere. Here's a comprehensive breakdown of the key discussions and insights presented.

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I. U.S. Trade Deal Deadlines and Tariff Implications

As the First Friday deadline approaches on August 1st, the United States faces the culmination of intensive negotiations to secure trade deals with various international partners. The Trump administration had set an ambitious target of securing 90 trade agreements within 90 days. However, as of the episode's release, only approximately six deals have been finalized.

Key Developments:

• Successful Negotiations: The European Union, America's largest trading partner as a bloc, has reached a trade agreement. Additionally, Britain, Japan, Vietnam, the Philippines, and Indonesia have consented to U.S. tariffs ranging from 10% to 20%.

• Pending Agreements: Critical negotiations continue with Mexico, Canada, and India among others. India poses significant challenges, requiring a reduction of its existing 17% protectionist tariffs to zero to facilitate a deal.

Expert Insights: Gary Hofbauer from the Peterson Institute for International Economics highlights the gravity of the situation, stating, "The administration has already imposed a 10% tariff on all goods that enter the US on August 1st" [01:53]. He warns of potential escalations, noting President Trump’s threats to increase tariffs to between 25% for South Korea and 50% for Brazil if new deals falter.

Economist Ernie Tedeschi of the Yale Budget Lab underscores the historical significance of the impending tariff rates: "Effective tariff rate in the United States would be 18.2% on Aug. 1. That is the highest since 1934" [02:53], a stark rise from the 2.5% rate at the beginning of the year.

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II. Australian Government's New YouTube Restrictions for Minors

Australia is spearheading legislative efforts to protect minors from potentially harmful online content. The government has announced plans to prohibit individuals under 16 from possessing their own YouTube accounts, aligning with similar restrictions on platforms like TikTok, Instagram, Facebook (now X), and Snapchat.

Background and Motivations: Recent research by Australia's online watchdog revealed that "about 4 in 10, 10-15 year olds have been harmed by material on the video sharing platform" [03:44]. This alarming statistic prompted the government to act, ensuring that while children under 16 can access YouTube, they cannot create personal accounts.

Industry Response: Google, the parent company of YouTube, contests this classification, asserting that YouTube is not merely a social media platform. In response to the proposed regulations, Google has threatened legal action, challenging the government's stance on safeguarding minors [04:11].

Katie Watson from the BBC elaborates on the situation, "Recently the online watchdog... urged the government to reconsider this exemption, which they have now announced they will do" [03:44].

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III. Michigan's Marijuana Industry Facing Market Saturation

Michigan's marijuana market, thriving since its full legalization in 2018, is now grappling with an oversupply crisis. The influx of large multi-state cannabis companies has led to market saturation, resulting in plummeting prices and challenging operating conditions for both large and small businesses.

Current Market Dynamics: Terasend, a publicly traded company with a significant presence in Michigan's retail dispensaries, reports overwhelming demand: "We can't even keep up," states Joe Lewis, founder of Thundercanna [06:33]. The proliferation of low-priced products, particularly gummies, has intensified competition. Gary Hofbauer comments, "There's just product piling on top of product." [07:21]

Economic Analysis: Economist Sarah Stith from the University of New Mexico suggests that the industry's future may lie in artisanal and niche market offerings: "Some small businesses may be equipped to survive this tumult by offering an artisanal consumer experience." [07:41]. However, the sustainability of such businesses remains uncertain amidst continuous price drops.

Business Perspectives: Joe Lewis emphasizes the benefits of a smaller operational model: "Being a mom and pop, we don't have a bunch of overhead. We don't have a bunch of executives that are making crazy amounts of money." [08:12]. Despite these advantages, the long-term viability of small businesses is in jeopardy if the current trend of declining prices persists.

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IV. Security Breach on 'TAPP' Dating App

The episode also delves into a significant cybersecurity incident involving TAPP, a dating application centered on personal safety features that allow women to rate and review potential matches.

Incident Overview: TAPP experienced a breach where hackers accessed tens of thousands of user photos, selfies, photo IDs, and even physical addresses submitted during account setup [08:32]. Additionally, a software vulnerability exposed private messages between users, leading the company to disable the direct messaging system temporarily.

Company Response: In response to the breach, TAPP is offering identity theft monitoring to affected users and is actively addressing the security flaws to prevent future incidents [08:32].

Implications: This breach highlights the ongoing challenges platforms face in safeguarding user data, especially those prioritizing user safety and privacy.

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Conclusion

This episode of Marketplace Morning Report provides listeners with an insightful analysis of critical economic policies, emerging regulatory measures in the digital age, the evolving landscape of the marijuana industry, and the paramount importance of cybersecurity. David Brancaccio effectively weaves expert opinions and real-world implications into a narrative that underscores the interconnectedness of global markets, technology, and consumer protection.

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For more detailed discussions and updates, listeners are encouraged to tune into the full episode of Marketplace Morning Report.

Transcript

[Sponsor Announcer]

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[David Brancaccio]

Should under 16s not be allowed to have YouTube accounts? That's the new plan in Australia. I'm David Brancaccio in Los Angeles. First Friday's the latest deadline for the U.S. to sign trade deals with countries around the world, or else else being default high import taxes. The administration posted about 90 deals in 90 days. That was the promise when setting this August 1 deadline. As of today, Wednesday, it's not 90, it's more like 6. Although late last weekend the big one was reached with the European Union, America's largest trading partner when considered as a bloc. So we have the EU, Britain, Japan, Vietnam, the Philippines and Indonesia accepting US tariffs of 10 to 20% among deals not yet reached Mexico, Canada, India. The list goes on as this deadline looms. Marketplace's Mitchell Hartman has more.

[Gary Hofbauer]

The administration has already imposed a 10% tariff on all goods that enter the US on August 1st. President Trump has threatened to raise tariffs much higher for specific countries to 25% for South Korea, 36% for Thailand, 50% for Brazil. Without new trade deals, Mexico and Canada face tariffs of 30 and 35%, respectively. Other big trade partners are also under pressure, says Gary Hofbauer at the Peterson Institute for International Economics, the deal with.

[David Brancaccio]

India is fairly high on the priority list now. From a trade standpoint, it's difficult because.

[Gary Hofbauer]

Hofbauer says India would have to drop its protectionist tariffs on imports from the US now around 17% to zero to make a deal. All told, says Ernie Tedeschi at the Yale Budget Lab, with no further tariff delays or 11th hour deals, the average.

[David Brancaccio]

Effective tariff rate in the United states.

[Gary Hofbauer]

Would be 18.2% on Aug. 1. That is the highest since 1934, Tedeschi says. At the start of this year the rate was 2.5%. I'm Mitchell Hartman for Marketplace.

[David Brancaccio]

In about seven hours we'll know the Fed's thinking on jobs, inflation and its interest rate decision. The markets are betting interest rates will stay where they are this time. S and P futures are up a 10th percent. The Australian government says it'll stop children under the age of 16 from having YouTube accounts of their own. This with data showing 37% of minors saw harmful content. The video sharing Service now joins TikTok, Instagram, Facebook x and Snapchat and restrictions that start in December. Kids under 16 still can access the platform but not have their own accounts.

[Katie Watson]

Recently the online watchdog, Australia's online watchdog has done some research. They came to the government saying, look, about 4 in 10, 1015 year olds have been harmed by material on the video sharing platform and urged the government to reconsider this exemption, which they have now announced they will do. But of course Google, who owns YouTube, is cross about this. They have said that it's not a social media platform. They've also threatened legal action.

[David Brancaccio]

Katie Watson with our newsroom partners at the BBC.

[Sponsor Announcer]

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[David Brancaccio]

This Marketplace podcast is supported by Palo Alto Networks. Enterprises are deploying and experimenting with AI apps and agents, often without the right security in place. Leverage the power of a comprehensive AI platform to secure AI at every step from apps, agents, models and data. Deploy AI bravely with Prisma Airs [e-mail] the marijuana industry has been booming in Michigan since it was fully legalized in 2018, but there are signs that market's saturated with large multi state cannabis companies. Leaving the latest is a publicly traded company called Terasend, which has about half of its retail dispensaries in Michigan. Michigan Public's Laura Weber Davis reports on an opportunity for small business.

[Sponsor Announcer]

At the Thundercana marijuana growing and processing facility, mango flavored THC infused gummies are piled high on a stainless steel countertop.

[Joe Lewis]

We got 10 normal flavors and then four sours that add on to that.

[Sponsor Announcer]

Joe Lewis is the founder of Thundercanna and its sister storefront, Amazing buds in Adrian, Michigan, near the southern border with.

[Joe Lewis]

Ohio, doing about 14,000 packages a day. So right now we're right around like 280,000amonth and we can't even keep up.

[Sponsor Announcer]

Gummies are a huge part of his business. Aaron Jackson, one of Joe's business partners, says this mountain of gummies won't fetch what you might think. No more expensive than movie candy.

[Gary Hofbauer]

It's insane. A king size bag of Skittles is $3. I can get you two packs of gummies for that. Same thing. That with 400 milligrams of THC, essentially, which is just mind blowing.

[Sponsor Announcer]

Michigan has some of the lowest prices for recreational marijuana in the country. Voters here overwhelmingly approved legal weed. With little regulation and very low taxes, the industry took off, leading to an oversupply of buds and gummies and rock bottom prices.

[Gary Hofbauer]

There's just product piling on top of product.

[Sponsor Announcer]

That's Dustin Walsh with Cranes Detroit Business. He says the numbers are becoming unworkable for large multi state operators, or MSOs.

[Gary Hofbauer]

They require, you know, states that have really high cannabis prices. You know, perpetual growth, right is the name of the game when it comes to these MSOs.

[Sponsor Announcer]

The legalization and relaxed rules in surrounding states are also driving down Michigan marijuana prices. Economist Sarah Stith at University of New Mexico says some small businesses may be equipped to survive this tumult by offering an artisanal consumer experience. I think there are a lot of people who are skeptical of sort of.

[David Brancaccio]

The Walmart model and are very concerned.

[Sponsor Announcer]

That cannabis is going to go in that direction. The consumers already are predisposed to be kind of interested in mom and pops. The guys over at Thunder Cana agree.

[Joe Lewis]

We'Re rolling with the punches day to day. But yeah, being a mom and pop, we don't have a bunch of overhead. We don't have a bunch of executives that are making crazy amounts of money.

[Sponsor Announcer]

But if prices of marijuana in Michigan continue to fall, it's hard to know how many small businesses may close just like those large companies. From Adrian, Michigan, I'm Laura Weber Davis.

[David Brancaccio]

For Marketplace, and the app of the month is spelled T E a T as in jasmine or oolong. It's a dating app with a focus on personal safety where women can rate and review the guys it hit the top of the app charts last week, but then hackers got access to tens of thousands of photos and selfies and photo IDs with the addresses from users that they uploaded when setting up accounts. And this week, the TAPP people confirmed a report in 404 Media that a software vulnerability could have allowed hackers to see what should have been reported private, often deeply personal messages sent between users. The company says it's taken that direct message system offline for now and is offering identity theft monitoring. In Los Angeles, I'm David Brancaccio. Marketplace Morning Report from APM American Public Media.

[Marketplace Announcer]

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