Trying a different tariff tack

Summary

Marketplace Morning Report

Episode: Trying a different tariff tack

Date: July 7, 2026
Host: Sabri Ben-Achour (in for Kimberly Adams)
Runtime: ~10 minutes

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Episode Overview

This episode dives into three key economic and business stories making headlines:

1. The Trump administration's renewed tariff efforts through new investigations into forced labor.
2. A proposed change by the SEC to reduce the frequency of earnings reporting for publicly traded companies.
3. The ongoing challenge of funding road infrastructure as electric vehicle (EV) adoption grows, leading to new state and proposed federal fees for EV owners.

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Key Discussion Points & Insights

1. The Trump Administration’s New Tariff Strategy

[01:04–02:56]

• Background: The Supreme Court recently struck down tariffs imposed by the Trump administration.
• Current development: The administration is attempting to reimpose tariffs using a different mechanism: unfair trade practices investigations, focused on forced labor policies across 60 countries, including allies like the EU, Canada, Mexico, and the UK.
  • “Last month the US Trade Representative's office said it had completed investigations and lo and behold, those countries were not doing enough to combat forced labor.” — Nova Safo [01:38]
• Proposed tariffs: Tariffs of 10% or 12.5% depending on the country are being recommended to replace those struck down by the Supreme Court.
• Legal pushback:
  • 22 Democratic state attorneys general argue the new tariffs are illegitimate.
  • Their concerns: Claims of rushed investigations, overly broad scope (covering 99% of goods), and questions about legality.
  • “The AG's also say that these unfair trade practices probes were rushed done in a matter of a few months.” — Nova Safo [02:14]
• Urgency:
  • The administration has temporarily reimposed 10% tariffs through another authority, but that expires July 24th.
  • The unfair trade practices process is seen as a way to make the tariffs permanent without needing Congressional approval.

Notable Quote:

• “The broader context is that the clock is ticking on the Trump administration…these unfair trade practices investigations are the most direct path to setting new permanent tariffs without Congress getting involved.” — Nova Safo [02:25]

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2. SEC Considers Reducing Earnings Reporting Frequency

[03:00–03:59]

• Current system: Public companies report quarterly results.
• Proposal: The Trump administration’s SEC is considering only requiring semi-annual reporting.
• Industry feedback:
  • Most investment firms disapprove, citing transparency and investor information needs.
  • Notably, JP Morgan Chase supports the change, arguing it would promote long-term strategy over “short term thinking.”
  • “JP Morgan Chase…supports less frequent reporting, saying it would allow companies to prioritize big picture planning over short term thinking.” — Sabri Ben-Achour [03:36]

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3. EV Adoption and the Decline of Gas Tax Revenues

[05:22–08:52]

• Problem: As more Americans adopt electric vehicles, gas tax revenues (which fund roads) shrink.
• State response:
  • 42 states & D.C. have instituted annual fees for EV owners, ranging from $50 to $300.
  • Many also separately charge hybrids and plug-in hybrids.
  • Example: Vermont charges an $89 EV fee, matching the regular registration fee.
    • “I'm not going to go get my torch and my pitchfork because the state's electric vehicle fee is in place of the gas tax, which he doesn't pay anymore. So the EV fee seemed fair.” — Andy Purdy, Vermont EV owner [06:13]
  • “Really, the main culprit, quote unquote, is just that everyone's vehicles are generally more fuel efficient than they were 5, 10, 15 years ago, which means there's less gas tax money to pay for road repairs.” — Douglas Shinkle, National Conference of State Legislatures [07:01]
• Federal response:
  • Congress is considering a national EV fee, starting at $130 per year, potentially rising to $150.
  • This would be the first federal vehicle fee applied specifically to EVs.
    • “We have never had a national vehicle registration fee, particularly for personal vehicles. So this would significantly change how the federal government effectively taxes vehicle owners across the country.” — Adito Tomer, Brookings Institution [08:04]
  • The average gas driver pays under $100/year in gas taxes; the proposed fee could mean EV owners pay more.
  • Gas taxes are paid little by little at the pump; EV fees would be a noticeable annual payment.
    • “The gas tax is one of our most elegant taxes in the country, which is to say we do not see it as a consumer.” — Adito Tomer [08:29]
    • “Vehicle owners are very cognizant of paying registration fees because of that annual payment... they’ve got to send a check or use their credit card in that kind of blunt force way.” — Adito Tomer [08:40]
• Potential impacts:
  • Concerns that significant annual fees could discourage EV adoption.

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Memorable Moments & Notable Quotes

• “Here we go again.” — Nova Safo, emphasizing the recurring saga of tariffs [01:38]
• “The main culprit is just that everyone's vehicles are generally more fuel efficient…less gas tax money to pay for road repairs.” — Douglas Shinkle, NCSL [07:01]
• “We have never had a national vehicle registration fee, particularly for personal vehicles. So this would significantly change how the federal government effectively taxes vehicle owners across the country.” — Adito Tomer, Brookings Institution [08:04]
• “The gas tax is one of our most elegant taxes…we do not see it as a consumer.” — Adito Tomer [08:29]
• “The EV fee, on the other hand, would hit consumers all at once every year.” — Henriett, Marketplace reporter [08:35]

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Key Timestamps

• [01:04] – Tariffs reboot: Forced labor investigations and proposed replacements for struck-down tariffs.
• [02:14] – Legal pushback: Democratic AGs question validity and process of new tariffs.
• [03:00] – SEC weighs less frequent earnings reports; mixed industry reactions.
• [05:22] – Road funding and the rise of EV fees at state & federal levels.
• [07:01] – Explanation of falling gas tax revenues and resulting infrastructure shortfalls.
• [08:04] – National EV fee proposal and its implications.
• [08:52] – Potential impact on EV adoption discussed.

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Summary

In this brisk but information-packed episode, Marketplace Morning Report brings listeners up to speed on the shifting landscape of US tariffs and trade practices, proposed changes to corporate transparency, and the financial implications of America’s slow but steady shift toward EVs. With regular Marketplace clarity and context, the episode explores how new policies are challenging established norms—and the contentious debates still ahead.

Transcript

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[Sabri Ben-Achour]

if at first you don't succeed, try a different tariff from Marketplace. I'm Sabri Ben Asore in for Kimberly Adams. The Trump administration is taking another stab at replacing the tariffs that the Supreme Court struck down in February. Three days of hearings are about to start in Washington over one path forward. There are many. At the same time, a group of Democratic attorneys general is arguing this backup plan might be illegal. Marketplace's Nova Sappho is here with more. Hi Nova.

[Nova Safo]

Good morning, Sabri.

[Sabri Ben-Achour]

So we have hearings beginning on the latest development in the tariff saga. What are these hearings about?

[Nova Safo]

Yeah, here we go again. They are about unfair trade practices investigations, particularly about forced labor policies involving some 60 nations, including countries in the European Union, also Canada, Mexico, the uk. Last month the US Trade Representative's office said it had completed investigations and lo and behold, those countries were not doing enough to combat forced labor. And so the USTR is suggesting tariffs of 10% and 12.5% depending on the country. And that's how they'd replace the tariffs the Supreme Court struck down.

[Sabri Ben-Achour]

Now we have these Democratic state attorneys general getting involved. What are they saying?

[Nova Safo]

Yeah, it's a group of 22 AGs. They've sent a letter saying this latest effort to impose tariffs is illegitimate. They point out that the new tariffs would cover 99% of goods coming into the US on grounds that there are some sort of forced labor violations involved. And the AG's also say that these unfair trade practices probes were rushed done in a matter of a few months. The broader context is that the clock is ticking on the Trump administration. President Trump reimposed 10% tariffs on a temporary basis through another authority. He claimed the deadline there is July 24th, and these unfair trade practices investigations are the most direct path to setting new permanent tariffs without Congress getting involved.

[Sabri Ben-Achour]

All right, Marketplace Nova Safo, thank you so much.

[Nova Safo]

You're welcome.

[Sabri Ben-Achour]

It is once again time for publicly traded companies to tell everyone how they're doing. It is earnings season, and among those who are reporting their quarterly results this week are Pepsi and Delta airlines. But the securities and Exchange Commission under President Trump has proposed changing how businesses report results. Instead of doing it once a quarter, they would do it just twice per year. Monday was the deadline for comments on this idea. A tally from Reuters finds that investment firms mostly do not like it. JP Morgan Chase, though the country's biggest bank, supports less frequent reporting, saying it would allow companies to prioritize big picture planning over short term thinking.

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[Sabri Ben-Achour]

the rate at which Americans are switching to electric vehicles has slowed down, but the number of EV drivers is still growing. And that presents a specific problem for states and the federal government. If you don't drive a gas car, you're not paying a gas tax. And gas taxes pay for building roads and fixing them too. So to make up for that, most states have now added annual fees for EV owners, and now Congress is considering adding a national fee starting at $130 a year.

[Henriett Market Reporter]

Marketplaces Henriett reports When Andy Purdy of Benson Vermont bought an electric Ford F150 Lightning last year. He noticed the extra $89 he had to pay the state. That was on top of the registration fee, also $89 that all vehicles have to pay. But he didn't really mind.

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I'm not going to go get my

[Henriett Market Reporter]

torch and my pitchfork because the state's electric vehicle fee is in place of the gas tax, which he doesn't pay anymore. So the EV fee seemed fair. We all have to pay to use,

[Douglas Shinkle]

you know, public resources, public facilities and infrastructure, and that's just me having to pay the piper.

[Henriett Market Reporter]

Vermont is one of 42 states plus Washington, D.C. that now charge an annual fee for electric vehicles, according to the National Conference of State Legislatures. They range from around $50 to 300. Some also charge fees for hybrids and plug in hybrids. They're an effort to make up for the fact that gas taxes, which drivers pay every time they fill up, aren't coming into state coffers like they used to, says Douglas Shinkle, who heads the National Conference of State Legislatures transportation program.

[Douglas Shinkle]

Really, the main culprit, quote unquote, is just that everyone's vehicles are generally more fuel efficient than they were 510, 15

[Henriett Market Reporter]

years ago, which means there's less gas tax money to pay for road repairs. And the cost of those repairs is climbing fast. Shingle says. That's led many states to defer some

[Douglas Shinkle]

projects, which means roads get worse and then it becomes more expensive to fix that road once it gets in a certain state of disrepair. So then you're dealing with more expensive assets that need to be fixed and meanwhile, less money on the other end.

[Henriett Market Reporter]

The federal government is dealing with a similar shortfall in paying for its share of infrastructure. But while many states have raised their gas taxes along with new EV fees, Congress hasn't raised the federal gas tax since 1993. Adito Mer with the Brookings Institution, says the proposed EV fee, which could eventually rise to $150 a year, is an attempt to make up some of that lost ground. It's also unprecedented, Tomer says.

[Adito Tomer]

We have never had a national vehicle registration fee, particularly for personal vehicles. So this would significantly change how the federal government effectively taxes vehicle owners across the country.

[Henriett Market Reporter]

Plus, Tomer says the average gas car driver pays less than $100 a year in gas taxes, so EV owners could end up paying more. There's another big difference. Gas taxes are baked into the price we pay at the pump, so we pay them a little at a time.

[Adito Tomer]

The gas tax is one of our most elegant taxes in the country, which is to say we do not see it as a consumer.

[Henriett Market Reporter]

The EV fee, on the other hand, would hit consumers all at once every year.

[Adito Tomer]

Vehicle owners are very cognizant of paying registration fees because of that annual payment. They get the typically something in the mail. They've got to send a check or use their credit card in that kind of blunt force way.

[Henriett Market Reporter]

And Tomer says the idea of getting another bill could discourage some drivers from going electric. I'm Henry Epp for Marketplace, and in

[Sabri Ben-Achour]

New York, I'm Sabri Benishore with the Marketplace Morning Report. From APM American Public Media.

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We're gonna launch some balloons and send

[Douglas Shinkle]

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A constellation of sunshades would cast an even dimming of shade across the entire earth. Investing that much in building anything in space creates a whole space economy.

[Amy Scott]

Listen to How We Survive on your favorite podcast app.