U.S. tries to block a global emissions deal for shipping

Summary

Marketplace Morning Report — October 17, 2025

Episode Theme: Will the U.S. Block a Global Deal to Tax Shipping Emissions?
Host: William Lee Adams (BBC World Service for Marketplace)
Feature Interview: Esme Stallard, Climate and Science Correspondent, BBC
Other Segments: Global markets update, Singles Day in China, the booming tattoo industry

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Overview

This episode spotlights an impending global agreement to tax carbon emissions from international shipping—a deal now jeopardized after the U.S. called for countries to oppose it. The episode examines the implications of this U.S. intervention, the possible impact on global emissions, and the downstream effects on businesses and consumers. In addition, it touches on major economic stories spanning the pharmaceutical sector, global retail trends, and a deep dive into the evolving tattoo industry.

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Key Discussion Points & Insights

1. Global Shipping Emissions Deal at Risk

• [00:59] William Lee Adams frames the potential collapse of what was called a “historic” global deal to charge shipping companies for their carbon emissions.
  • The agreement was set to be signed in London by International Maritime Organization member nations, but last-minute U.S. opposition could derail it.
• [01:34] Esme Stallard breaks down the nature of the deal:
  • “This deal was first agreed back in April and it was 10 years in the making.”
  • Countries would agree to ratchet up emission standards for ships—“A bit like with your car”—forcing greater use of clean fuels.
  • Fines for non-compliance would be pooled and redistributed to fund clean fuel infrastructure.
  • The London summit was intended as a formality: “It was just meant to be signing on the dotted line...but it seems that we might not have quite reached the finish just yet.”
• [02:21] U.S. Interventions and Their Justification:
  • The U.S. points to costs for consumers—especially on basic goods.
  • “For high-end goods...the cost increase will be marginal. For lower value goods, fruit and veg, that cost increase might be noticeable, particularly for those in developing countries. And that’s something the U.S. has really hung onto.” —Esme Stallard
  • Recent public opposition from President Trump via social media: “[He] took to true social to say that he would not agree to greenstamp bureaucracy and anything that increased costs for his citizens.” —Esme Stallard
• [02:56] Consequences of a Failed Deal:
  • “Effectively, it’s probably the emissions will just continue to go up. And I think it will be very worrying going into the UN Climate Change Conference next month in Brazil, COP30, because this demonstrates that despite agreements already having happened, the U.S. can and will very vocally intervene and could actually undo some progress that's already been made.” —Esme Stallard

2. Markets and Business Headlines

• [03:22] Notable business moves following political statements:
  • “Shares of Danish drugmaker Novo Nordisk plunged 6% after President Trump suggested the price of its blockbuster drug Ozempic could fall.”
  • Smiths Group, a major UK engineering firm, is selling its high-tech division to U.S.-based Molex for $1.75 billion in response to investor pressure.
• [03:44] China’s Singles Day retail event launches early amid weak consumption:
  • “This is an event that turns over hundreds of billions of dollars...like 10 times, 15 times more than Black Friday.” —Nick Marshall
  • Chinese authorities are extending retail events to encourage more spending in a sluggish economy.

3. Feature: The Booming Tattoo Industry

• [04:56] Tattoos as Mainstream, Big Business:
  • The global tattoo industry could nearly double in size to $6.5 billion by 2033, with the U.S. as leader.
  • “We have 520 amazing tattoo artists. We have some of the world's best...” —Martin McIver (Big London Tattoo show organizer) [05:04]
  • Tattoo studios are adapting: “It used to be more personal back in the days. Now it’s mostly fashion.” —Victor Chiganov (Southgate Tattoo Studio) [06:44]
• [05:56] Costs and Social Dynamics:
  • “How much does [a] tattoo cost?” “How long’s a piece of string? It depends what you want.” —Martin McIver & Esme Stallard [05:56]
  • “We charge by the day, so a sleeve, you’re looking around 10 sessions a day.” —Esme Stallard [05:59]
  • Tattoos are now common across demographics: “It’s estimated almost half of Italians are inked. And in the UK that figure is around one in four.”
• [06:34] Industry Trends:
  • Increased demand means more openings, competition, and also higher rates of removals and regrets.
  • The industry has proven recession-resistant: “It’s always weathered recessions pretty well, by and large.” —Martin McIver [07:07]

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Notable Quotes & Memorable Moments

• “This deal was first agreed back in April and it was 10 years in the making.”
  —Esme Stallard, [01:40]

• “If [the deal] falls through, emissions will just continue to go up. And it will be very worrying going into [COP30]...it demonstrates the US can and will very vocally intervene and could actually undo some progress that's already been made.”
  —Esme Stallard, [02:56]

• “For high-end goods... the cost increase will be marginal. For lower value goods, fruit and veg, that cost increase might be noticeable, particularly for those in developing countries.”
  —Esme Stallard, [02:21]

• “Shares of Danish drugmaker Novo Nordisk plunged 6% after President Trump suggested the price of its blockbuster drug Ozempic could fall.”
  —William Lee Adams, [03:22]

• “This is an event that turns over hundreds of billions of dollars...like 10 times, 15 times more than Black Friday.”
  —Nick Marshall, [04:10]

• “It used to be more personal back in the days. Now it’s mostly fashion.”
  —Victor Chiganov, [06:44]

• “It’s always weathered recessions pretty well, by and large.”
  —Martin McIver, [07:07]

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Timestamps for Key Segments

• [00:59] — Global shipping emissions agreement at risk
• [01:40] — What the deal involves (Esme Stallard explains)
• [02:21] — US objections and concerns about consumer costs
• [02:56] — What happens if the deal falls through (Esme Stallard)
• [03:22] — Market updates: Novo Nordisk, Smiths Group, Singles Day
• [04:56] — Tattoo industry feature: business, trends, quotes

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Tone & Style

Marketplace’s signature concise, fact-driven, and explanatory style is present throughout, with measured analysis from correspondents and lively on-the-scene reporting in feature segments. The show maintains a tone of urgency about the consequences of U.S. actions on climate agreements, blends in global economic updates, and offers a cultural counterpoint with insights into tattoo trends.

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Summary for Listeners

In less than 10 minutes, this episode deftly unpacks the fragility of international cooperation on climate action, illustrates real-world business impacts from political pronouncements, sketches out shifting trends in consumer economies like China’s, and even aligns these headline themes with the personal—tattoos becoming not just ubiquitous but a booming industry. The narrative is grounded in expert voices and vivid frontline reporting, making for a brisk and information-rich listen.

Transcript

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[William Lee Adams]

Will the US block a global deal to tax carbon emissions from shipping? Live from the uk, this is the Marketplace Morning Report from the BBC World Service. I'm William Lee Adams. Good morning. We begin with a landmark global agreement to charge shipping companies over their carbon emissions, an agreement that's at risk of collapsing after America urged countries to oppose it. The deal was set to be signed in lond by representatives from most International Maritime Organization member countries. The BBC's Climate and Science correspondent Esme Stallard joins us now. Esme, hi.

[Esme Stallard]

Hi there.

[William Lee Adams]

So this deal has been called historic. Can you tell us what it actually involves?

[Esme Stallard]

Of course. So this deal was first agreed back in April and it was 10 years in the making. What countries agreed was that they would set effectively emission standards. So a bit like with your car, for example, and over time they would ramp up so ships would have to use an increasing amount of green or cleaner fuels. And if they don't, then they'll have to pay a fine and that will go into a central pot and that money will be redistributed to help with infrastructure for this program this week in London. It was just meant to be signing on the dotted line and getting on with the key details, but it seems that we might not have quite reached the finish just yet.

[William Lee Adams]

And this obviously has a cost to businesses and potentially consumers. And now US officials have intervened, haven't they?

[Esme Stallard]

They're saying, first of all, as you mentioned, the potential risk or the cost to consumers. Now it's worth pointing out those costs will vary quite significantly depending on the particular good. So for very high end goods, so clothes, trainers, things like that, the cost increase will be marginal. You probably won't notice it as a consumer for what we call lower value goods, fruit and veg, that cost increase might be noticeable, particularly for those in developing countries. And that's something the US has really hung onto you. Even last night, Trump took to true social to say that he would not agree to screenstamp bureaucracy and anything that increased costs for his citizens.

[William Lee Adams]

What happens if the deal falls through?

[Esme Stallard]

Effectively, it's probably the emissions will just continue to go up. And I think it will be very worrying going into the UN Climate Change Conference next month in Brazil. COP30 because this demonstrates that despite agreements already having happened, the US can and will very vocally intervene and could actually undo some progress that's already been made.

[William Lee Adams]

Esme, thanks for joining us on Marketplace.

[Esme Stallard]

Thank you.

[William Lee Adams]

Okay, let's do the numbers. Shares of Danish drugmaker Novo Nordisk plunged 6% after President Trump suggested the price of its blockbuster drug Ozempic could fall. And UK Based engineering company Smiths Group has agreed to sell its high tech division, Smith's interconnect to US components maker Molex Electronic for $1.75 billion following investor pressure to break up the firm. Now, you will have heard of Black Friday, but what about Singles Day? Well, that's China's biggest online shopping event celebrating singles. It normally takes place on 11 November, but it started early this year as weak consumption dogs the world's second largest economy. Earlier this week, figures reported consumer prices continued to fall in September. Let's hear more now from the BBC's Nick Marshall.

[Odoo Sponsor Announcer]

This is an event that turns over hundreds of billions of dollars. I mean, it's like 10 times, 15.

[Martin McIver]

Times more than Black Friday.

[Odoo Sponsor Announcer]

Some companies have started their sales already. So we're in mid October and Singles Day, as it were, has already started. And it's no coincidence because the Chinese economy is struggling. The government wants people to spend more, get money circulating around the economy. And a good way to do that is by extending these popular, you know, sales events like Singles Day.

[William Lee Adams]

NICK marsh. They might have once been reserved for rock stars or sailors, but tattoos have become increasingly culturally accepted around the world. Now it's predicted the global industry could grow to $6.5 billion by 2033. The BBC's Sarah Rogers has been finding out more.

[Sarah Rogers]

The buzz of the tattoo pen making its mark on the next willing customer in an industry that appears to be drawing profits as well as pictures.

[Martin McIver]

Hi I'm Martin McIver, one of the organizers of the big London Tattoo show. We have 520amazing tattoo artists. We have some of the world's best.

[Sarah Rogers]

Tattooists here and it's no small convention organizers say there's room for 10,000 visitors. Last year, the industry was worth $3.5 billion worldwide and that's projected to nearly double in under a decade, according to estimates from market research Intellect. With the US leading the scene, I.

[Martin McIver]

Would actually think it's more than that now. Already it's just been growing system the dawn of Miami ink.

[Sarah Rogers]

Well, these days tattooists don't need TV fame, just talent and a strong social media game. Here are artists Jen Pin and John Arton.

[Martin McIver]

I do realism, so portraits, animals, realistic things.

[Esme Stallard]

So I do ornamental. There's definitely more people coming to get tattoos now than there's ever, ever been. How much does tattoo cost?

[Martin McIver]

How long's a piece of string? It depends what you want.

[Esme Stallard]

We charge by the day, so a sleeve, you're looking around.

[Sarah Rogers]

Ten sessions a day.

[Kimberly Adams]

Right.

[Sarah Rogers]

And tattoos are everywhere, from your barista to your boss. It's estimated almost half of Italians are inked. And in the UK that figures around one in four. But the rising numbers also mean more regrets, removals and cover ups.

[Martin McIver]

Sadly, yeah.

[Sarah Rogers]

The very first person to get tattooed at the convention is Merryn. She's already got around 15 and and has spent a lot on her body art. I won't be having avocado toast for a very long time. It's all to do with kind of.

[Esme Stallard]

Contributing to the skill of the artist and kind of the hygiene and the.

[Sarah Rogers]

Safety and that matters, especially as tattoo studios multiply. Victor Chiganov opened his store seven years ago.

[Martin McIver]

I'm the director at Southgate Tattoo Studio. A lot of new studios opened recently. Creates more competition for the studios like ours. It used to be more personal back in the days. Now it's mostly fashion.

[Sarah Rogers]

But if that trend changes, does that mean less skin in the game for businesses? Here's Martin McIver again.

[Martin McIver]

It's always weathered recessions pretty well, by and large. Pretty good.

[Sarah Rogers]

Well, for now, at least, the buzz continues. In London, I'm Sarah Rogers for Marketplace.

[William Lee Adams]

And in the uk, I'm William Lee Adams with the Marketplace Morning Report from the BBC World Service.

[Kimberly Adams]

I'm Kimberly Adams, host of Make Me Smart, a podcast from Marketplace that makes today make sense. Join me throughout the week as I dig into the biggest stories in tech culture and the economy. Whether it's a vibe check on the job market or the latest on China US Relations Make Me Smart helps you understand how the headlines actually impact your daily life. Listen to Make Me Smart on your favorite podcast, Applied.