Trump's tariffs continue to confound

Summary

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Marketplace Morning Report

Episode Title: Trump's tariffs continue to confound
Date: February 23, 2026
Host: Marketplace (Nick Qureshi)
Key Correspondents: Felicity Hannah, Ashish Sharma
Duration of Economic News Content: ~00:55 – 07:14

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Episode Overview

This episode centers on the international economic fallout from the U.S. Supreme Court’s recent ruling invalidating tariffs imposed by President Trump and the subsequent announcement of a new blanket 15% import tax. The story expands to encompass global market responses, immediate adjustments by key countries and trading blocs, and highlights a significant domestic policy in Spain aiming to legalize undocumented migrants for economic stimulus.

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Key Discussion Points & Insights

1. Confusion Over U.S. Tariffs Continues

(00:55 – 02:29)

• Backdrop:
  The Supreme Court strikes down the Trump administration’s earlier tariffs as illegal. President Trump announces a new 15% tariff on all imports, causing renewed global uncertainty.
• Immediate Global Reactions:
  • India: Delays sending a trade delegation to the U.S., postponing an interim trade deal.
  • European Union: Meets to debate freezing its ratified trade agreement with the U.S.
  • China: Urges for the cancellation of all U.S. tariffs and states, “a trade war benefits no one,” while conducting a full assessment.
  • U.K.: Faces comparatively higher tariffs post-ruling due to earlier negotiations on a 10% tariff deal.

Felicity Hannah [01:44]:
“President Trump’s subsequent announcement of a sweeping 15% tariff on all imports has once again left countries and economic blocs around the world scrambling to react.”

2. Global Markets React to Tariff Uncertainty

(02:29 – 04:18)

• Market Indices and Commodities:
  • European shares: Dip, with Germany’s DAX down 0.7%.
  • Asian markets: Mixed; Nikkei down 1%, Hang Seng up 2.5%.
  • Gold: Surges nearly 2% ($5,150/oz) as investors seek safe haven assets.
  • Oil: Brent crude pulls back to just under $71/barrel amid potential U.S.-Iran nuclear talks.
• Corporate Moves:
  • Novo Nordisk: Shares drop 10% over less effective obesity drug compared to Eli Lilly’s rival product.
• Travel Disruption from Unrest in Mexico:
  • Violence following the killing of the drug lord "El Mencho" leads to warnings, impacts on banking and retail, and flight cancellations to key Mexican cities.

Nick Qureshi [02:29]:
“European shares dipping this morning over the fresh wave of uncertainty on tariffs... Gold rose almost 2% to $5,150 an ounce.”

3. Spain’s Move to Legalize Undocumented Migrants

(04:18 – 07:14)

• Policy Announcement:
  Spanish Prime Minister Pedro Sanchez reveals plans to legalize approximately half a million undocumented migrants, contingent on residency for at least five months and no criminal record.
• Rationale:
  • To bolster the workforce in critical but unattractive sectors (tourism, hospitality, construction).
  • Counteract Spain’s aging population and low birthrate.
• Ground-Level Impact:
  • NGO Red Inkola works with migrants who typically face work restrictions.
  • Migrant experiences are generally positive, with Zainab Stito (Morocco) describing Spain as warm and welcoming.
  • Business owners like Mani express difficulty in hiring experienced but undocumented staff.
• Critics and Concerns:
  • Far-right party Vox sees it as risking Spanish cultural identity.
  • Partido Popular questions broader EU impacts.
  • Bureaucratic inefficiency remains a hurdle, leaving migrants uncertain about the speed of legalization.

Pedro Sanchez [04:18]:
"Half a million people we live with every day at the market, on the bus, at our children's school, people who care for our parents, work in the fields, who have built hand in hand with us the progress of our country."

Mani [06:21]:
"A lot of times we have people with good experience with no papers. They come in the door with the CV and you have the interview. Everything, everything goes good until the last part. And then they say I have no papers."

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Notable Quotes & Memorable Moments

• On Volatility in Trade Policy:

  Felicity Hannah [01:26]:
  “Since Donald Trump’s so called Liberation Day tariffs came into force, American import taxes have dominated global financial headlines... But Friday’s U.S. Supreme Court ruling striking down the tariff regime has created yet more uncertainty.”

• On China’s Position:

  Felicity Hannah [01:57]:
  “China says it's making a full assessment and has called for all US tariffs to be cancelled, adding that in its view, a trade war benefits no one.”

• On Spanish Migrant Legalization:

  Pedro Sanchez [04:18]:
  “People who care for our parents, work in the fields, who have built hand in hand with us the progress of our country.”

• Personal Story from a Migrant:

  Zainab Stito [05:10]:
  “Spanish people are very warm with each other. You know, you can have a little chit chat with someone while doing your groceries. So yeah, I feel like home in here.”

• On Hiring Challenges in Spain:

  Mani [06:21]:
  “A lot of times we have people with good experience with no papers. … Everything goes good until the last part. And then they say I have no papers.”

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Timestamps for Key Segments

• 00:55: – Start of economic news; introduction to global uncertainty over Trump's tariffs
• 01:26: – Felicity Hannah explains global responses to new U.S. tariff policy
• 02:29: – Overview of global markets’ reactions and other top economic headlines
• 04:18: – Spain’s Prime Minister announces migrant legalization plan
• 05:04: – Migrant experiences and economic context in Spain
• 06:21: – Restaurant owner Mani discusses the hiring conundrum due to bureaucracy
• 07:14: – End of international news segment

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Summary

This Marketplace Morning Report episode offers a concise but thorough look at the ripple effects of sudden changes in U.S. trade policy, analyzing both international and market reactions. These economic shocks are paired with a spotlight on Spain’s proactive migrant legalization plan, demonstrating the profound connections between policy changes, market responses, and day-to-day challenges facing businesses and migrant individuals. The mix of global macroeconomic shifts and human stories paints a vivid picture of interconnected economies in flux.

Transcript

[Marketplace Host]

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[Nick Qureshi]

more global Uncertainty Over President Trump's Tariff Changes Live from the UK this is the Marketplace Morning Report report from the BBC World Service. Hello, I'm Nick Qureshi. Countries around the world are once again facing a lack of clarity over US Trade policy. This after the Supreme Court's ruling that the tariffs imposed by the Trump administration are illegal. In response, President Trump said he'll immediately introduce a new 15% import tax. The BBC's Felicity Hannah has more on the global reaction.

[Felicity Hannah]

Since Donald Trump's so called Liberation Day tariffs came into force, American import taxes have dominated global financial headline Countries had started to adapt to this new economic environment. But Friday's U.S. supreme Court ruling striking down the tariff regime has created yet more uncertainty. And President Trump's subsequent announcement of a sweeping 15% tariff on all imports has once again left countries and economic blocs around the world scrambling to react. India says it will now delay plans to send a delegation to Washington this week to finalize an interim trade deal. And and the European Union meets today to decide whether to freeze its ratification of last year's trade deal with the U.S. china says it's making a full assessment and has called for all US Tariffs to be cancelled, adding that in its view, a trade war benefits no one. Meanwhile, the U.K. which previously negotiated a 10% tariff deal, may be one of the few major economies facing higher tariffs than before. I'm the BBC's Felicity Hannah for Marketplace.

[Nick Qureshi]

Okay, let's do some numbers then. And because of all this, European shares dipping this morning over the fresh wave of uncertainty on tariffs. Germany's DAX down 0.7% in early trading with most sectors in the red. Asian markets were mixed after Trump's change in policy meant lower tariffs for many areas. The Nikkei down 1% earlier, while Hong Kong's Hang Seng index closed and up 2.5%. The traditional safe haven investment gold rose almost 2% to $5,150 an ounce. Elsewhere, shares in Novo Nordisk fell 10% after the Danish company said its experimental obesity drug was less effective than Eli Lilly's Munjaro. And oil prices down as the US and Iran prepare for more nuclear talks. Brent crude is just under $71 a barrel now. Several countries have issued safety warnings to their citizens. In Mexico after the killing of the powerful drug lord known as El Mencho. His death on Sunday during a security operation sparked widespread violence. That violence has impacted local banks and shops and affected some domestic and international flights. American and Canadian airlines cancelled flights to Puerto Vallarta, Guadalajara and Manzanillo. The Spanish government recently announced plans to legalise around half a million undocumented migrants. That move designed to boost the country's workforce in economic sectors that have struggled to recruit. Spain's economy has been outstripping its European Union partners and the government wants to keep momentum going. But opposition parties have criticised the move. And given Spain's complex bureaucracy, how easy will it be to introduce the changes? The BBC's Asher Sharma reports from Madrid.

[Pedro Sanchez]

Half a million people we live with every day at the market, on the bus, at our children's school, people who care for our parents, work in the fields, who have built hand in hand with us the progress of our country.

[Narrator]

You've just heard the Spanish Prime Minister, Pedro Sanchez, announcing that his government will legalize half a million undocumented migrants as long as they've no criminal record and have been living in Spain for at least five months.

[Ashish Sharma]

Red Inkola is a non governmental organization based in the city of Valladolid. It works with all types of migrants, but mainly those who are undocumented, which means they can't work legally. Most come from Africa and South Asia.

[Zainab Stito]

Are you attending the Spanish lessons in Valencre? Yes, I just started. My name is Zainab Stito and I'm from Morocco. I've been here for three months now and it's going great. Spanish people are very warm with each other. You know, you can have a little chit chat with someone while doing your groceries. So yeah, I feel like home in here.

[Ashish Sharma]

But why is Spain so keen to hurry up the process and allow migrants to work legally? Firstly, Spain's economy has been outstripping its European Union partners. The areas of strong growth have been in tourism, hospitality and construction. Yet these are the sectors in which many Spanish people are not so keen to work in due to lower wages and temporary contracts. In order to keep these engines of the economy roaring, Spain wants to utilize its migrant population. Another reason is that Spain has an aging population with one of the slowest birth rates in Europe.

[Mani]

One day around 4am he had the idea to eat fish and chips from

[Ashish Sharma]

opening one restaurant 10 years ago. Mani and his brother Majed alam today run 22 restaurants in Barcelona and Madrid. Being Spanish nationals, they have no problem setting up their restaurants, but Mani says it's a different story when it comes to hiring staff.

[Mani]

A lot of times we have people with good experience with no papers. They come in the door with the CV and you have the interview. Everything, everything goes good until the last part. And then they say I have no papers.

[Narrator]

The Spanish government's legalization announcement has been criticized by its opponents. The far right Vox party says this is the beginning of the loss of Spain's cultural identity, and the Partido Popula warns of the wider impact for the European Union. The process for legalization is set to begin in April. But given how burdensome Spain's bureaucracy has been so far for migrants and asylum seekers, many who are expected to benefit from this are understandably wary of just how quickly their status will be resolved.

[Nick Qureshi]

The BBC's Ashish Sharma in Madrid. In the UK, I'm Nick Qureshi with the Marketplace morning report from the BBC World Service. Thanks for listening. Bye.

[Zainab Stito]

Tomorrow,

[Marketplace Announcer]

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