With a key tariff strategy blocked, the White House eyes alternatives

Summary

Marketplace Morning Report Summary

Episode Title: With a Key Tariff Strategy Blocked, the White House Eyes Alternatives
Host: David Brancaccio
Release Date: May 29, 2025
Duration: Approximately 8 minutes

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1. Tariff Strategy Blocked and White House Alternatives

David Brancaccio opens the episode by discussing a significant development in U.S. trade policy. A federal court specializing in trade cases has invalidated the Trump administration's extensive tariff package, initially announced on President Trump's so-called "Liberation Day." In response, the White House has announced plans to appeal the decision and explore other tariff mechanisms with more solid legal foundations.

Key Insights:

• Continued Tariffs: Diane Swonk, Chief Economist at KPMG, explains that existing tariffs on items like aluminum, steel, and motor vehicles remain in place. Additionally, new tariffs targeting semiconductors, pharmaceuticals, copper, and lumber are in the pipeline.

  "Many of the tariffs that were already levied on everything from aluminum to steel to motor vehicles are still in place. And then on top of it, we have tariffs in the pipeline on everything from semiconductors, pharmaceuticals, copper, lumber..." (01:51)

• Economic Uncertainty: Swonk highlights the uncertainty these tariffs introduce, complicating decision-making for CEOs regarding investments and hiring.

  "If you're a CEO sitting there with your team and a spreadsheet trying to figure out, do I build this new factory, do I hire a few more people? It's hard to put the tariff part of this into your calculations." (02:31)

• Administrative Challenges: There's potential for refunds on already collected tariffs, adding another layer of complexity for businesses.

  "Even to the extent of the other tariffs that have been levied and collected so far, they may be refundable. That's an administrative nightmare to refund people who have paid tariffs back to companies that can claim it back." (02:46)

2. Market Reactions to Tariff Developments

Following the news on tariffs being struck down, the stock market showed a modest positive reaction. The Dow Jones Industrial Average increased by 71 points (less than 2%), the S&P 500 rose by 7.10%, and the Nasdaq Composite climbed by 1.2%. Despite these gains, uncertainty surrounding tariffs persists, influencing investor confidence and market stability.

3. Enhancing Home Resilience Amid Extreme Weather

Shifting focus to the housing market, Samantha Fields reports on initiatives in Alabama aimed at making homes more resilient to extreme weather conditions. Alabama's experience with hurricanes Ivan and Katrina highlighted the financial strain on homeowners and insurance companies, prompting proactive measures.

Key Points:

• State Initiatives: Alabama offers homeowners grants and insurance discounts to encourage the construction of homes built to higher safety standards, reducing vulnerability to future storms.

  "And we just knew that we had to do something different." — Mark Fowler, Alabama's Insurance Commissioner (03:57)

• Benefits of Resilient Homes: Fred Malik from the Insurance Institute for Business and Home Safety notes that homes built to nonprofit standards are less likely to sustain hurricane damage, leading to fewer costly insurance claims.

  "Homes built to the nonprofit standards were much less likely to sustain hurricane damage and put in costly insurance claims." (04:05)

• Economic Stability: Fowler emphasizes that reduced damage and claims contribute to more insurable homes and lower insurance rates, benefiting both homeowners and the state's economy.

  "When you have less damage and less claims now, you have more insurable homes and it results in lower rates." (04:36)

4. Personal Economics of Single Parenthood and Fertility Treatments

The episode also explores the financial and personal considerations involved in deciding to have a child without a partner. Veronica Zaragovia examines the increasing trend of individuals choosing assisted reproductive technologies to pursue single parenthood.

Highlighted Stories:

• Counseling Perspectives: Ellen Glaser, a clinical social worker, discusses how women in their late 30s to early 40s view fertility treatments as a necessity rather than a choice, balancing life aspirations with the desire to use their own eggs.

  "These women are really saying, this is not how I envision my life. But they don't want to lose the opportunity to try with their own eggs." (05:43)

• Financial Considerations: Lydia Desnoyers shares her experience of undergoing IVF abroad to manage costs, ultimately succeeding in becoming a single mother.

  "I was financially in a really good place emotionally, mentally, I was just ready. The only thing I wanted most at that point was becoming a mom." (06:56)
  "She paid nearly $17,000 for all of. Desnoyers now enjoys reading time with her almost two-year-old daughter." (06:56 – 07:37)

• Medical Insights: Dr. Fernando Ackerman, Medical Director of the Fertility Center of Miami, explains the complexities and high costs associated with IVF, including the necessity of precise laboratory conditions and patient care.

  "There is a lot that goes into fertilizing an egg and implanting an embryo. ... temperature requirements and patient's anesthesia." (06:27)

Conclusion: The segment underscores the intricate balance between financial capability and personal desires in the decision to pursue single parenthood through assisted reproductive technologies.

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This summary excludes advertisements, intros, outros, and non-content segments to focus solely on the episode's key discussions and insights.

Transcript

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[David Brancaccio]

From all of us at Marketplace, thank you to everyone who stepped up during our May fundraiser. We're so grateful. Now more than ever. The support of our Marketplace investors means so much. Your generosity keeps this work going. We made great progress toward our goal, but ultimately fell a little short. Every donation matters, especially as we plan for an uncertain future for public media. If you didn't get a chance to give, we need you now. Head to marketplace.org don and again, thank you. With a key strategy for tariffs ruled illegal, the Trump administration does have alternatives. I'm David Brancaccio in New York. Now that a federal court dedicated to trade cases has struck down the big package of Trump administration tariffs announced on what the President had called Liberation Day, The White House promises to appeal, and presidents have other tariff powers using legal strategies with stronger track records. The stock market has moved up on the tariff news, but not wildly so. The Dow is up 71 points, less than 2. 10%. The S&P is up 7. 10 of a percent. The Nasdaq is up 1.2%. Tariff uncertainty is still with us. Diane Swonk is chief economist at the audit tax and advisory firm kpmg.

[Diane Swonk]

Many of the tariffs that were already levered on everything from aluminum to steel to motor vehicles are still in place. And then on top of it, we have tariffs in the pipeline on everything from semiconductors, pharmaceuticals, copper, lumber. And then there's other levers the government could pull. Let us not forget that these tariffs were supposed to play a key role in offsetting the tax cuts and expansions to tax cuts that Congress is now trying to go through in its reconciliation process. So it leaves us in a very uncertain period where we're already seeing major disruptions to supply chains down all that unreminescent of the pandemic.

[David Brancaccio]

Right. I mean, and just to put a finer point on it, if you're a CEO sitting there with your team and a spreadsheet trying to figure out, do I build this new factory, do I hire a few more people? It's hard to put the tariff part of this into your calculations.

[Diane Swonk]

Exactly. Even to the extent of the other tariffs that have been levied and collected so far, they may be refundable. That's an administrative nightmare to refund people who have paid tariffs back to companies that can claim it back. So there's a lot that's still up in the air. And in fact, this only adds another layer to the uncertainty with regard to tariffs and what they mean going forward.

[David Brancaccio]

Diane Swonk, Chief Economist, KPMG thank you.

[Diane Swonk]

Thank you.

[David Brancaccio]

The bond market is up a bit right now, helping the 10 year interest rate drop down slightly to 4.44%. Rebuilding a home with extreme weather in mind can make a big difference when disaster strikes. There's data on wildfires, but a new report from the University of Alabama's center for Risk and Insurance finds that homes can also be built to better stand up to intense wind and rain, saving homeowners and insurance company millions Marketplaces. Samantha Fields has more.

[Samantha Fields]

Twenty years ago, Alabama was hit hard by back to back hurricanes Ivan and Katrina. In the aftermath, insurance companies started jacking up rates or leaving altogether. And when the rebuilding started, we saw.

[Mark Fowler]

People putting the same old roofs back on those houses and knew that the next storm was going to blow off again.

[Samantha Fields]

Mark Fowler is Alabama's insurance commissioner.

[Mark Fowler]

And we just knew that we had to do something different.

[Samantha Fields]

The state started offering homeowners grants and insurance discounts to make their homes more resilient to wind and rain. Fred Malik at the Insurance Institute for Business and Home Safety says this new study found homes built to the nonprofit standards were much less likely to sustain hurricane damage and put in costly insurance claims.

[David Brancaccio]

That means lower financial disruption for homeowners. That means faster recovery times.

[Samantha Fields]

It also means a more stable insurance market, says Commissioner Fowler.

[Mark Fowler]

When you have less damage and less claims now, you have more insurable homes and it results in lower rates, he says.

[Samantha Fields]

That benefits homeowners and the state's economy. I'm Samantha Fields for Marketplace.

[David Brancaccio]

Now to the personal economics of deciding when to have a child, including the option of having a baby without a partner. Note that you might want to consider the ages of who is listening right now near you, since the following piece will include references to some reproductive procedures. Organizations like fertility clinics and sperm banks report more clients who don't have partners. Reporter Veronica Zaragovia has more.

[Veronica Zaragovia]

Some women say the decision to get pregnant using fertility treatments is out of necessity, not choice. Ellen Glaser is a clinical social worker in private practice in the Boston area. She counsels women who are in their late 30s to early 40s.

[Lydia Desnoyers]

These women are really saying, this is not how I envision my life. But they don't want to lose the opportunity to try with their own eggs.

[Veronica Zaragovia]

Time is short to get pregnant, so they make a decision that's expensive, not just because of the treatment, but also the cost of parenting.

[Lydia Desnoyers]

And that plays a huge factor in whether they think they can do it on their own.

[Veronica Zaragovia]

At home. Insemination kids start at about $130. The next level is intrauterine insemination. Then there's in vitro fertilization, or IVF, which can cost more than $40,000. For a successful pregnancy, you have to.

[David Brancaccio]

Recreate the natural conditions on your body in the lab.

[Veronica Zaragovia]

Dr. Fernando Ackerman is the medical director of the Fertility center of Miami. There is a lot that goes into fertilizing an egg and implanting an embryo. Ackerman points to the incubators, temperature requirements and patient's anesthesia.

[David Brancaccio]

That is what is increasing the cost of the procedure.

[Veronica Zaragovia]

And that cost is why some women opt for IVF abroad. Lydia Desnoyers from Miami is 41. She chose IVF to become a single mom.

[Lydia Desnoyers]

I was financially in a really good place emotionally, mentally, I was just ready. The only thing I wanted most at that point was becoming a mom.

[Veronica Zaragovia]

Desnoyers chose a fertility center in Barbados to try intrauterine insemination first. When that didn't work, she tried IVF and got pregnant. She paid nearly $17,000 for all of. Desnoyers now enjoys reading time with her almost two year old daughter. Lady. When I'm sweet, when I'm smelly. God knows all about smelly socks. Smelly socks. Good job. She's an accountant and also coaches other women interested in single motherhood, too.

[Lydia Desnoyers]

It doesn't mean that I can't meet somebody later. It doesn't mean that I can't meet a wonderful man who probably already has kids himself. And we have a blended family and it works out.

[Veronica Zaragovia]

She no longer feels the pressure of dating just to meet a father for her children. And that, Desnoyer says, is priceless. In Miami, I'm Veronica Zaragovia for Marketplace in New York.

[David Brancaccio]

I'm David Brancaccio to the Marketplace morning report from APM American Public Media.

[Samantha Fields]

This old house has been America's most trusted source for all things DIY and home improvement for decades. And now we're on the radio and on demand.

[David Brancaccio]

I think you're breaking into this wall. Regardless. I was hoping you wouldn't say that. I need to go and get some whiskey. I think I would get the whiskey for sure.

[Samantha Fields]

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