Scott Horsley
Appearances
Farm4Profit Podcast
Building Resilience in Farming and Life - A Journey Through Tough Challenges
President Trump says he's ordering the tariffs in an effort to curb the flow of illegal drugs and immigration. But the U.S. Chamber of Commerce says while Trump is right to focus on those problems, tariffs are not the answer. The chamber says taxing imports will only upend supply chains and raise prices for American families.
Farm4Profit Podcast
Building Resilience in Farming and Life - A Journey Through Tough Challenges
Trump has ordered a 25% tax on most goods coming from Mexico and Canada, but he called for a smaller 10% tax on Canadian crude oil. in an apparent effort to limit any spike in gasoline prices. The tariff on Chinese imports is also set at 10 percent. All the taxes are set to take effect on Tuesday, leaving a short window for a possible reprieve.
Farm4Profit Podcast
Building Resilience in Farming and Life - A Journey Through Tough Challenges
Canada and Mexico have promised to respond to tariffs with taxes of their own on U.S. exports. Scott Horsley, NPR News, Washington.
NPR News Now
NPR News: 03-19-2025 4PM EDT
Following the news out of Washington, D.C. can be overwhelming. I'm Scott Detrow, and NPR has a podcast that can help. It's called Trump's Terms. Stories about big changes the 47th president is pursuing on his own terms. Each episode is short, usually around five minutes or so. We keep it calm and factual. We help you follow what matters, and we leave out what doesn't.
NPR News Now
NPR News: 03-19-2025 4PM EDT
It's a lot of demographic data and a lot of satellite information. that we now can't find.
NPR News Now
NPR News: 03-19-2025 3PM EDT
Fed policymakers voted to hold interest rates steady. Their benchmark rate helps determine borrowing costs for a wide range of credit, including car loans, business financing, and personal credit cards. Updated forecasts show members of the Fed's rate-setting committee still expect to lower interest rates by an average of half a percent later this year if inflation continues to ease.
NPR News Now
NPR News: 03-19-2025 3PM EDT
President Trump's tariffs could interrupt that progress on inflation, though. Trump's already imposed taxes on goods from China and all imported steel and aluminum. He's also promised to impose more tariffs next month. In addition to raising prices, those tariffs could slow economic growth.
NPR News Now
NPR News: 03-19-2025 3PM EDT
Fed policymakers lowered their forecast for GDP growth this year while raising their forecast for unemployment. Scott Horsley, NPR News, Washington.
NPR News Now
NPR News: 03-19-2025 2PM EDT
Following the news out of Washington, D.C. can be overwhelming. I'm Scott Detrow, and NPR has a podcast that can help. It's called Trump's Terms. Stories about big changes the 47th president is pursuing on his own terms. Each episode is short, usually around five minutes or so. We keep it calm and factual. We help you follow what matters, and we leave out what doesn't.
NPR News Now
NPR News: 02-12-2025 6PM EST
Forecasters had expected to see some moderation in price hikes last month, but inflation remains stubbornly high. Consumer prices in January were up 3 percent from a year ago. Prices rose by half a percent between December and January alone. Egg prices jumped more than 15 percent last month after avian flu forced egg farmers to cull millions of laying hens in December.
NPR News Now
NPR News: 02-12-2025 6PM EST
Overall, grocery prices were up by half a percent. Stripping out food and energy prices, which bounce around a lot, core inflation was also higher than forecasters had expected. Given the sticky price hikes, the Federal Reserve is expected to take its time before making any additional cuts to interest rates. Scott Horsley, NPR News, Washington.
NPR News Now
NPR News: 04-09-2025 10AM EDT
Double-digit tariffs on goods from dozens of countries kicked in overnight. U.S. importers are now paying 20 percent more on most things they buy from Europe, 24 percent more on imports from Japan, and the tax on goods from China now totals more than 100 percent. China punched back, announcing an extra 50 percent tariff of its own on U.S. exports. That takes effect tomorrow.
NPR News Now
NPR News: 04-09-2025 10AM EDT
The escalating trade war has sparked fears of a worldwide economic slowdown, pushing the price of crude oil to a four-year low. Investors are also dumping U.S. treasuries. That's caused a sharp jump in U.S. borrowing costs, which will likely make mortgage rates here even less affordable. Scott Horsley, NPR News, Washington.
NPR News Now
NPR News: 04-02-2025 6PM EDT
You want to follow what's happening in Washington, D.C., but you don't want to be scrolling your phone all day. I'm Scott Detrow, and NPR has a podcast that can help. It's called Trump's Terms. Stories about big changes the 47th president is pursuing on his own terms. They're short, they're focused episodes that tell you calmly, factually, what is happening and what isn't.
NPR News Now
NPR News: 01-27-2025 7PM EST
He might also help to moderate some of Trump's most protectionist instincts. Besson told the Financial Times he thinks the president uses tariffs as a negotiating tactic. A test of that could come as early as this weekend when Trump has threatened to slap tariffs on imports from two of the country's biggest trading partners, Mexico and Canada. Scott Horsley, Empire News, Washington.
NPR News Now
NPR News: 01-27-2025 7PM EST
The vote signals a degree of bipartisan support for the new Treasury Secretary. Scott Besson is a billionaire hedge fund manager who's seen as a business-friendly choice. He's also a protege of Democratic mega-donor George Soros. As Secretary, Besson will be a leading voice for the administration on economic policy. He's expected to lead the push to extend and possibly expand the 2017 tax cuts.
NPR News Now
NPR News: 03-25-2025 6PM EDT
Home builders are warning Trump's tariffs could drive up construction costs, pushing the already high cost of new housing even higher. Stock in KB homes fell after the builder lowered its sales forecast for the year. Gasoline prices are inching up as refineries make the switch to more expensive summer blends of gas. AAA says the average price of the pump for regular fuel is about $3.14 a gallon.
NPR News Now
NPR News: 03-25-2025 6PM EDT
That's up six cents from a week ago, but still cheaper than this time last year. Scott Horsley, NPR News, Washington.
NPR News Now
NPR News: 03-25-2025 4PM EDT
Consumer confidence has been hovering in a fairly narrow range for more than two years, but it dipped below that level this month, while survey respondents still feel good about the current job market, their assessment of current business conditions, and their outlook for the future worsened. The confidence index is compiled by the Conference Board, a non-profit think tank.
NPR News Now
NPR News: 03-25-2025 4PM EDT
People who answered the survey say inflation is still a big concern, and many expect prices to climb even faster as a result of tariffs imposed by the Trump administration.
NPR News Now
NPR News: 03-25-2025 4PM EDT
More people say they're planning to buy big ticket items such as appliances and electronics, but rather than a vote of confidence in the economic outlook, that's seen as a largely defensive move to try to beat the looming import taxes. Scott Horsley, NPR News, Washington.
NPR News Now
NPR News: 02-25-2025 6PM EST
A report from the conference board showed the sharpest one-month drop in confidence in three and a half years. The findings echo a similar report from the University of Michigan last week. Both surveys show Americans are concerned about inflation.
NPR News Now
NPR News: 02-25-2025 6PM EST
A conference board economist says that's partly driven by stubbornly high prices at the supermarket and by the prospect that President Trump's tariff policy could push the cost of living even higher. Trump has already imposed a 10% tax on imports from China, and he's threatening more tariffs on goods from other trading partners, including Mexico and Canada.
NPR News Now
NPR News: 02-25-2025 6PM EST
Consumers are also feeling more pessimistic about the job market.
NPR News Now
NPR News: 03-18-2025 4PM EDT
Tens of thousands of probationary federal employees will soon be back on agency payrolls, but not necessarily returning to work. Human resources officials at the department say the employees will be returning on administrative leave as the suit continues. The Trump administration is appealing the ruling. Federal Judge James Berdard ruled last week that the states were incurring irreparable harm.
NPR News Now
NPR News: 03-18-2025 4PM EDT
because they were not provided prior notice of the firings. Legally, the federal government must warn states of reductions in force 60 days beforehand. The states have had to set up impromptu websites for outreach to laid-off employees and provide unemployment benefits. For NPR News, I'm Scott Mascione.
NPR News Now
NPR News: 03-18-2025 2PM EDT
The Fed cut interest rates by a full percentage point last year, but policymakers want to see more progress on inflation before they go any further. Inflation did come down a bit in February, but prices are still climbing faster than the central bank would like, and President Trump's tariffs could make it harder to bring prices under control.
NPR News Now
NPR News: 02-11-2025 10AM EST
The European Union says the president's new 25% taxes on imported steel and aluminum will not go unanswered. EU leader Ursula von der Leyen says the trading bloc will push back with tariffs of its own on U.S. exports in order to protect European workers, businesses and consumers. The trade battle is a rerun of the one fought the last time Trump imposed tariffs on steel and aluminum imports.
NPR News Now
NPR News: 02-11-2025 10AM EST
Economists say those measures wound up costing U.S. manufacturing jobs. Federal Reserve Chairman Jerome Powell is testifying before a Senate committee today. Powell has signaled the central bank is in no hurry to make further cuts to interest rates. Inflation remains somewhat higher than the Fed would like, while the unemployment rate is still very low. Scott Horsley, NPR News, Washington.
NPR News Now
NPR News: 03-04-2025 4PM EST
President Trump's decision to tax imports from three of America's biggest trading partners has already led to a sharp sell-off in the stock market, along with warnings from economists of higher prices for U.S. consumers. Scott Horsley, NPR News, Washington.
NPR News Now
NPR News: 03-04-2025 4PM EST
Both the Chamber of Commerce and the Farm Bureau Federation are hoping for a quick reversal of the tariffs. Bob Hemesoth, who raises corn and hogs in eastern Iowa, worries that rural communities will pay a heavy price for the trade war if international customers take their business elsewhere.
NPR News Now
NPR News: 02-03-2025 7PM EST
Should you throw out your black plastic cooking utensils? Can we decode whale language? And how do you stop procrastinating? I'm Maiken Scott. Every week, The Pulse digs into health and science issues that matter to you and your life. Listen to The Pulse podcast from WHYY, part of the NPR Network.
NPR News Now
NPR News: 02-27-2025 6PM EST
The policy memo says that service members and recruits who have been diagnosed with, treated for, or showed symptoms of gender dysphoria are to be separated from the military. A similar policy was put in place during the first Trump presidency, but it was subsequently reversed during the Biden administration.
NPR News Now
NPR News: 02-27-2025 6PM EST
The move follows a Trump White House executive order reinstating the policy issued a month ago. The latest Pentagon memo also says that the Department of Defense only recognizes two sexes, male and female. Scott Newman, NPR News, Washington.
NPR News Now
NPR News: 02-19-2025 7PM EST
Fed policymakers expect inflation will continue to cool towards their 2% target. But the path could be bumpy, and President Trump's plans to impose higher taxes on imports could make it harder to bring prices under control. Business contacts in a number of Fed districts say they'll try to pass the cost of any tariffs on to consumers.
NPR News Now
NPR News: 02-19-2025 7PM EST
And a couple of Fed policymakers warned it may be hard to distinguish one-time price hikes caused by tariffs for more persistent inflationary pressures. The minutes are from the January meeting, where the central bank held interest rates steady. Fed policymakers generally want to see more progress on inflation before they order any additional interest rate cuts.
NPR News Now
NPR News: 12-18-2024 8PM EST
All the major stock indexes dropped sharply after the Fed signaled that it may keep interest rates higher for longer than investors had expected. On average, members of the central bank's rate-setting committee now expect rates to fall just half a percentage point in 2025, not the full point they were projecting back in September.
NPR News Now
NPR News: 12-18-2024 8PM EST
Inflation has been sticky in recent months, and some of President-elect Donald Trump's policy proposals could push prices higher. Given that, Fed Chairman Jerome Powell says it makes sense to proceed with caution.
NPR News Now
NPR News: 12-18-2024 8PM EST
Powell says the U.S. economy continues to perform well, giving the Fed more latitude to take its time in lowering rates. Scott Horsley, NPR News, Washington.
NPR News Now
NPR News: 03-13-2025 6AM EDT
Join us for Political Breakdown every Tuesday, Thursday, and Friday from KQED, part of the NPR Network.
NPR News Now
NPR News: 03-13-2025 6AM EDT
We host Political Breakdown. With the 2024 election over and President Trump in the White House, there's going to be a lot to keep up with this year.
NPR News Now
NPR News: 03-13-2025 6AM EDT
Following the news out of Washington, D.C. can be overwhelming. I'm Scott Detrow, and NPR has a podcast that can help. It's called Trump's Terms. Stories about big changes the 47th president is pursuing on his own terms. Each episode is short, usually around five minutes or so. We keep it calm and factual. We help you follow what matters, and we leave out what doesn't.
NPR News Now
NPR News: 04-10-2025 11AM EDT
Something known as price stickiness is an economic concept describing how prices that go up quickly come down slowly, or not at all. Kenneth Louie is director of the Economic Research Institute of Erie at Penn State University.
NPR News Now
NPR News: 04-10-2025 11AM EDT
One factor could be manufacturers eventually shifting their supply chains away from the U.S. at a cost they would likely pass on to consumers. Scott Newman, NPR News, Washington.
NPR News Now
NPR News: 04-10-2025 10AM EDT
Inflation cooled even more than expected last month, thanks in part to a big drop in gasoline prices. Overall, prices in March were up 2.4 percent from a year ago. Prices actually fell slightly between February and March, although grocery prices continue to climb.
NPR News Now
NPR News: 04-10-2025 10AM EDT
Investors would ordinarily welcome the positive inflation news, but there are lingering concerns that President Trump's trade warp could push prices higher in the months to come. While Trump has now suspended many of his new tariffs for 90 days... He left in place a 10 percent tax on nearly everything the U.S.
NPR News Now
NPR News: 04-10-2025 10AM EDT
imports, along with a much higher tax that could more than double the price of goods coming in from China. Scott Horsley, NPR News, Washington.
NPR News Now
NPR News: 03-16-2025 3PM EDT
Following the news out of Washington, D.C. can be overwhelming. I'm Scott Detrow, and NPR has a podcast that can help. It's called Trump's Terms. Stories about big changes the 47th president is pursuing on his own terms. Each episode is short, usually around five minutes or so. We keep it calm and factual. We help you follow what matters, and we leave out what doesn't.
NPR News Now
NPR News: 03-16-2025 2PM EDT
Following the news out of Washington, D.C. can be overwhelming. I'm Scott Detrow, and NPR has a podcast that can help. It's called Trump's Terms. Stories about big changes the 47th president is pursuing on his own terms. Each episode is short, usually around five minutes or so. We keep it calm and factual. We help you follow what matters, and we leave out what doesn't.
NPR News Now
NPR News: 03-08-2025 4PM EST
On Friday, the Labor Department reported a modest uptick in job growth last month, but the report shows only a fraction of the federal workers whose jobs have been cut by Elon Musk and the Doge team. For the week, the Dow fell 2.3%, the S&P 500 index dropped more than 3%, and the Nasdaq tumbled nearly 3.5%. Scott Horsley, NPR News, Washington.
NPR News Now
NPR News: 03-08-2025 4PM EST
There was a sort of feedback loop this week between the White House and Wall Street. Stocks tumbled when President Trump imposed tariffs on imports from Mexico and Canada, then rallied when there were signs those tariffs might be relaxed.
NPR News Now
NPR News: 03-08-2025 4PM EST
A day later, the White House suspended most of the tariffs for at least a month, but by that time, investors had grown weary of the fickle policymaking, so no more rally. And the president insists there are more import taxes to come.
NPR News Now
NPR News: 01-03-2025 7PM EST
U.S. steel is 124 years old. It's pretty much synonymous with the American steel industry and all the symbolism and nostalgia that comes with that. And significantly, the company's based in Pennsylvania, which we know was an important swing state in the November election. The Steelworkers Union opposed the company's sales nip on steel.
NPR News Now
NPR News: 01-03-2025 7PM EST
The union worried it would provide a backdoor to bring cheap Japanese steel into the U.S.
NPR News Now
NPR News: 01-03-2025 7PM EST
We will act quickly and we will start by defending our nation's borders. That's the number one priority.
NPR News Now
NPR News: 03-01-2025 3AM EST
Skype was founded in 2003 and for a few years was at the top of its game, providing video calls that seemed to many like something out of science fiction. It was later bought by eBay, then sold to Microsoft. Along the way, there came a bevy of imitators, apps such as FaceTime and WhatsApp, and video conferencing options like Zoom.
NPR News Now
NPR News: 03-01-2025 3AM EST
Now, Microsoft says it's winding down Skype and will pull the plug in May. to concentrate on its Microsoft Teams platform. Scott Newman, NPR News.
NPR News Now
NPR News: 02-01-2025 6PM EST
President Trump issued executive orders Saturday slapping a 25% tax on most imports from Canada and Mexico, along with an additional 10% tax on imports from China. The tariffs have the potential to raise the cost of a wide variety of imported goods, including fruits and vegetables, flat-screen televisions, and auto parts.
NPR News Now
NPR News: 02-01-2025 6PM EST
Trump did order a lower 10% tariff on Canadian crude oil, which could mitigate the effect on U.S. gasoline prices. Midwestern oil refineries are heavily dependent on Canadian crude. In a social media post, Trump said he's taking the action to address the flow of illegal drugs and immigration. Scott Horsley, Impair News, Washington.
NPR News Now
NPR News: 03-31-2025 5PM EDT
The FRAM-2 mission is commanded by Chun Wong, a cryptocurrency entrepreneur who also bankrolled the flight. It's expected to last three to five days. But unlike other human spaceflights, which orbited west to east, roughly parallel to the equator, this mission will circle the Earth from pole to pole. That means the crew will be exposed to higher doses of radiation.
NPR News Now
NPR News: 03-31-2025 5PM EDT
But scientists say it shouldn't be a problem for such a short-duration mission. The crew is also expected to try growing mushrooms while in orbit to see if they could become a staple meal for future spacefarers. Scott Newman, NPR News, Washington.
NPR News Now
NPR News: 03-24-2025 4PM EDT
Concerns about tariffs and retaliation from U.S. trading partners have been a drag on the stock market in recent weeks, but investors now hope the White House might take a more targeted approach. The Treasury Secretary has said countries that open their own markets to U.S. exports could be spared in the trade war.
NPR News Now
NPR News: 03-24-2025 4PM EDT
A key sign could come next week when the president's promised to unveil additional tariff plans. Trump still sees tariffs as a useful tool, even if they raise costs for domestic consumers and invite a hostile response from other countries.
NPR News Now
NPR News: 12-22-2024 9PM EST
Trump said in a social media post that Myron will work with the rest of his economic team to deliver a quote great economic boom that lifts up all Americans. Trump returned to the White House at a time when the U.S. economy is already growing at a solid clip with low unemployment and cooling inflation.
NPR News Now
NPR News: 12-22-2024 9PM EST
Polls show many Americans are unhappy though about the cumulative price hikes over the last five years. Scott Horsley, NPR News, Washington.
NPR News Now
NPR News: 12-22-2024 9PM EST
Myron is a Harvard-trained economist who previously worked at the Treasury Department during Trump's first term in office. He's also a fellow at the conservative Manhattan Institute. Trump plans to nominate Myron to lead the President's Council of Economic Advisors. If confirmed by the Senate, he'll help the White House to interpret economic conditions. and have a hand in shaping policy.
NPR News Now
NPR News: 03-10-2025 4PM EDT
He has unilateral constitutional power to commute the Menendez's sentences if he chooses and release them today.
NPR News Now
NPR News: 03-10-2025 4PM EDT
The import taxes are set to take effect on Wednesday, just as the Labor Department reports on inflation. The tariffs could put more upward pressure on prices. In an interview with Fox News that aired over the weekend, President Trump was asked about the threat of a recession this year. He refused to rule it out.
NPR News Now
NPR News: 03-10-2025 4PM EDT
One of the day's big losers on Wall Street was Elon Musk's electric car company, Tesla. Musk has been leading the administration's aggressive cost-cutting efforts, which have already cost tens of thousands of federal employees their jobs. Scott Horsley, NPR News, Washington.
NPR News Now
NPR News: 04-07-2025 4PM EDT
Stocks have mostly nosedived in the U.S. and around the world since President Trump announced his sweeping tariffs last week, but domestic stocks briefly rallied on hopes the administration might be willing to suspend some of those tariffs as it negotiates with other countries.
NPR News Now
NPR News: 04-07-2025 4PM EDT
President Trump spoke by telephone with Japan's prime minister, and the head of the European Commission said her side is always ready to make a good deal. The short-lived rally is a sign of just how desperate many investors are for some relief from the tariffs, which threaten to raise prices and slow economic growth.
NPR News Now
NPR News: 04-07-2025 4PM EDT
Trump is warning of even higher tariffs on imports from China if that country moves forward with its own taxes on U.S. exports. Scott Horsley, NPR News, Washington.
NPR News Now
NPR News: 03-14-2025 3PM EDT
Survey Director Joanne Hsu says many of those surveyed complain that frequent gyrations in economic policy make it hard to plan for the future. The outlook for the job market, business conditions and personal finance have all worsened from a month ago. The president's trade war is adding to worries about persistently high prices and
NPR News Now
NPR News: 03-14-2025 3PM EDT
Expectations of long-run inflation registered their biggest one-month jump in more than three decades. Scott Horsley, NPR News, Washington.
NPR News Now
NPR News: 03-14-2025 3PM EDT
Even consumers who support President Trump's economic policies have been rattled by the chaotic way tariffs and other moves have been rolled out. An index of Republicans' economic expectations fell by a sizable 10 percent this month, while independents and Democrats were even gloomier.
NPR News Now
NPR News: 03-07-2025 3PM EST
U.S. employers added 151,000 jobs in February, slightly more than the month before. Job gains were tallied in health care, construction, and manufacturing. Bars and restaurants cut workers during the month, and so did the federal government. The unemployment rate inched up in February to 4.1 percent, even as the overall workforce shrank.
NPR News Now
NPR News: 03-07-2025 3PM EST
Average wages last month were up 4 percent from a year ago, which is likely more than enough to outpace inflation. Wages have been climbing faster than prices for nearly two years now. That boosts workers' real buying power and helps to support consumer spending, which is the biggest driver of the U.S. economy. Scott Horsley, NPR News, Washington.
NPR News Now
NPR News: 04-04-2025 5PM EDT
Fallout from the far-reaching tariff plan that Trump announced two days ago continues to pummel financial markets. China promised to retaliate with steep tariffs of its own on U.S. exports. Federal Reserve Chairman Jerome Powell acknowledged Trump's import taxes are higher than most people expected.
NPR News Now
NPR News: 04-04-2025 5PM EDT
As a result, Powell says they'll likely push prices up and slow the economy down more than many people anticipated. There was some positive economic news. The Labor Department reports that U.S. employers added 228,000 jobs last month, more than twice as many as the month before. That count is a little stale, though, since it was taken three weeks ago before this week's tariff turmoil.
The NPR Politics Podcast
Trump's Tariff Tumult
Well, you know, they've offered multiple rationales. The tariffs against Mexico and Canada, and to some extent China, are ostensibly a reaction to fentanyl coming into the U.S. illegally, even though in the case of Canada, virtually no fentanyl comes from Canada. It's also about illegal immigration.
The NPR Politics Podcast
Trump's Tariff Tumult
But the president has also talked about using tariffs to encourage people to manufacture in the United States as opposed to in other countries. And then he's also talked about using tariffs to raise revenue to offset the expected loss in revenue from extending the 2017 tax cuts. The thing is, tariffs can't do all of those things. They're mutually incompatible.
The NPR Politics Podcast
Trump's Tariff Tumult
Well, the administration certainly sees it as that simple. And as we've said, they do think tariffs are a way to encourage domestic manufacturing. And this is one reason that the United Auto Workers Union has been supportive of these tariffs, even though, as we mentioned, now autos have gotten a one-month reprieve from the import taxes.
The NPR Politics Podcast
Trump's Tariff Tumult
But the answer to Secretary Letnick's question is why are those jobs in Canada? Because in this country, we've generally left it up to business people to make decisions about where factories should be located. We don't leave that up to central planners in Washington at the Commerce Department or the White House.
The NPR Politics Podcast
Trump's Tariff Tumult
Republicans traditionally have said, we don't want the government picking winners and losers. Well, this is exactly the government picking winners and losers. When the president can, with the stroke of a pen, impose a 25 percent tax on imports and then grant selective exemptions to industries or executives or foreign governments that cozy up to him.
The NPR Politics Podcast
Trump's Tariff Tumult
You know, the stock market has been flashing a signal to this administration that could not be more clear. Investors do not like this trade war. The Dow Jones industrial average tumbled more than 1,300 points on Monday and Tuesday once it became clear that the tariffs on Mexico and Canada were going to take effect.
The NPR Politics Podcast
Trump's Tariff Tumult
The market rebounded somewhat on Wednesday when the White House granted a carve-out to automakers in North America, so long as they meet the terms of the USMCA, the US-Mexico-Canada Trade Agreement. And it was only a one-month carve-out. We've seen a further carve-out on Thursday with tariff relief granted to all products coming from Mexico, again, for just one month.
The NPR Politics Podcast
Trump's Tariff Tumult
But the market is once again down. As we tape this, it's down about 500 points because the business community does not like this uncertainty.
The NPR Politics Podcast
Trump's Tariff Tumult
And look, manufacturers in this country want to sell their products not only in the United States, they want to sell their products around the world. Farmers in this country desperately depend on global markets to sell their products. And these tariffs that the Trump administration is imposing to protect the domestic market are going to be a turnoff for those international markets.
The NPR Politics Podcast
Trump's Tariff Tumult
And we saw this in 2018, 2019, when U.S. U.S. businesses lost foreign customers, lost foreign market share because the retaliatory tariffs that were imposed during the first Trump trade war. And as Asma says, this round of tariffs, what's already happened and what's in the pipeline is far more sweeping than what we saw in 2018, 2019.
The NPR Politics Podcast
Trump's Tariff Tumult
This is akin to what we saw in the 1930s with the Smoot-Hawley tariffs, which economists are almost unanimous in saying, That global trade war worsened the Great Depression.
The NPR Politics Podcast
Trump's Tariff Tumult
But again, Canada and Mexico, we had a free trade agreement with Canada and Mexico, which the Trump administration signed in 2020, and which they have now ripped apart. Now, it is interesting. Mexican President Claudia Sheinbaum took a more conciliatory approach, a softer approach. She didn't impose retaliatory tariffs right away, although she threatened that she would do so on Sunday.
The NPR Politics Podcast
Trump's Tariff Tumult
And maybe that's why she's gotten a reprieve a little bit more so than Justin Trudeau, the Prime Minister of Canada, with whom the president has a notably frosty relationship. And some people have said this all comes down to personalities, kind of like what we've seen with Ukraine. You know, it's just who does President Trump personally get along with?
The NPR Politics Podcast
Trump's Tariff Tumult
Well, you know, I think that caveat that we always put at the top of the podcast, things may have changed by the time you hear this, is particularly apt in this circumstance because it's been a wild week. On Monday, we had no tariffs on imports from Canada and Mexico. On Tuesday, we had suddenly a 25% tax on nearly all imports from Mexico and Canada.
The NPR Politics Podcast
Trump's Tariff Tumult
On Wednesday, that tax was relaxed as far as cars go. Today, it was relaxed further as far as most imports from Mexico go, that is, imports covered by the U.S.-Mexico-Canada Free Trade Agreement. So it's changing hour by hour, day by day, but it's certainly put the economy into a lot of questionable territory.
Up First from NPR
Murder As An Act Of Terrorism, Fed's Rate Cut Decision, Female Mass Shooters
Good morning, Steve.
Up First from NPR
Murder As An Act Of Terrorism, Fed's Rate Cut Decision, Female Mass Shooters
Well, policymakers are expected to lower their benchmark rate by a quarter percentage point this afternoon. That'd be the third rate cut since September. And it would leave interest rates a full percentage point lower than they were back in the summer.
Up First from NPR
Murder As An Act Of Terrorism, Fed's Rate Cut Decision, Female Mass Shooters
No. Inflation has come down a lot in the last couple of years, but it's still higher than the Fed would like. And in fact, some of the progress we've been seeing on prices appears to have stalled in the last few months. Fed Governor Chris Waller gave a speech earlier this month where he talked about just how stubborn inflation has proven to be.
Up First from NPR
Murder As An Act Of Terrorism, Fed's Rate Cut Decision, Female Mass Shooters
Waller insisted, though, he and his colleagues are not going to let inflation out of the octagon today. until prices are completely under control.
Up First from NPR
Murder As An Act Of Terrorism, Fed's Rate Cut Decision, Female Mass Shooters
Well, it's a balancing act. High interest rates do help curb inflation, but they can also be a drag on the economy. So the Fed is trying to strike a balance here. Markets are betting the Fed is going to lower interest rates today, and then after that, maybe take a break and see how things play out.
Up First from NPR
Murder As An Act Of Terrorism, Fed's Rate Cut Decision, Female Mass Shooters
Oftentimes, the Fed doesn't have that luxury when it's faced with a sudden collapse in the economy like the pandemic or the housing crisis. But we're not dealing with a crisis like that right now. The overall economy is still strong. The job market is holding up pretty well. So Fed Chairman Jerome Powell said he and his colleagues can afford to take their time.
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Murder As An Act Of Terrorism, Fed's Rate Cut Decision, Female Mass Shooters
One thing a lot of people will be watching this afternoon is the forecast that Fed policymakers offer about where they think interest rates are going to go next year. Back in September, they were projecting that rates would fall by another full percentage point in 2025. We'll see if they dial that back.
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Murder As An Act Of Terrorism, Fed's Rate Cut Decision, Female Mass Shooters
Carefully. Economists say some of the president-elect's policies, like tariffs and mass deportations, could actually make inflation worse. Powell has said it's too early to make any predictions about that. Keep in mind, Trump was often critical of Powell the last time he was in the White House. So Powell has tried hard not to provoke the incoming president.
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Murder As An Act Of Terrorism, Fed's Rate Cut Decision, Female Mass Shooters
But he's also insisted Trump doesn't have the authority to fire him. And when Trump was asked about that on Meet the Press, he appeared to accept that Powell's going to stick around for a while.
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Murder As An Act Of Terrorism, Fed's Rate Cut Decision, Female Mass Shooters
No, I don't think so. I don't see it. Now, Powell's term as chairman expires, though, in 2026. And at that point, Trump may have the opportunity to install a more malleable leader at the central bank.
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Murder As An Act Of Terrorism, Fed's Rate Cut Decision, Female Mass Shooters
We'll be watching.
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Murder As An Act Of Terrorism, Fed's Rate Cut Decision, Female Mass Shooters
You're welcome.
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Tariffs Come Due, Chopper Traffic After Crash
We have yet to see any official tariff order from the White House. And Trump has a long history of threatening tariffs, some of which take effect, some don't. You know, we saw that last weekend when Trump threatened to slap tariffs on imports from Colombia, but backed off after Colombia agreed to conditions for accepting deportations from the U.S.
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Tariffs Come Due, Chopper Traffic After Crash
So there was some thought maybe Trump would make a similar deal to avoid this round of tariffs. But White House spokeswoman Caroline Leavitt insisted yesterday this tariff threat is not a bluff.
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Tariffs Come Due, Chopper Traffic After Crash
Trump also wants Mexico and Canada to curb illegal immigration into the U.S. Now, Levitt did leave the door open for Trump to backtrack on these tariffs if some kind of face-saving agreements reached. We did see that back in 2019 when Mexico agreed to crack down on immigration from Central America.
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Tariffs Come Due, Chopper Traffic After Crash
This is a tax on imports, so it's going to raise the price of everything we buy from these three countries, which is a lot. Last year we imported more than $1.2 trillion worth of stuff from Mexico, Canada, and China. Everything from TVs and tequila to tomatoes and two-by-fours. The good news is the avocados for your Super Bowl dip next weekend have probably already made it across the border.
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Tariffs Come Due, Chopper Traffic After Crash
That's not going to face a 25% guacamole tax, but Mexico supplies more than a quarter of all the fresh fruit and vegetables we eat in the U.S. Canada supplies a lot of crude oil to Midwestern oil refineries. All those are going to be subject to tariffs.
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Tariffs Come Due, Chopper Traffic After Crash
Although Trump did hint the tax rate on Canadian oil could be less than 25%, whatever the rate, experience shows much of the cost is going to be borne by businesses and shoppers here in the United States.
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Tariffs Come Due, Chopper Traffic After Crash
Yeah, it's going to hit them hard as well. The U.S. is a very big market for our next-door neighbors. Canadian Prime Minister Justin Trudeau warned of difficult times ahead for his country. He says Canada doesn't want a trade war, but he added it's not going to just surrender either. Trudeau says Canada is ready to push back with retaliatory tariffs of its own on U.S. exports.
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Tariffs Come Due, Chopper Traffic After Crash
Mexico and China are also likely to retaliate. We saw that during the first Trump administration with other countries put tariffs on things like Kentucky bourbon and Harley-Davidson motorcycles. You might remember U.S. farmers lost a lot of business overseas and the federal government wound up paying some of the farmers for the corn and soybean sales they missed out on.
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Tariffs Come Due, Chopper Traffic After Crash
You know, Trump was no fan of the original North American free trade agreement, but he and his allies did renegotiate that pact the last time he was in the White House. That deal is due for a possible update next year.
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Tariffs Come Due, Chopper Traffic After Crash
Some analysts think these new tariffs are just a mechanism for Trump to drag Mexico and Canada back to the bargaining table a year earlier in hopes of extracting more favorable terms.