Marketplace Morning Report

On Friday, the Supreme Court struck down President Trump’s sweeping “retaliatory” tariffs, ruling that he doesn’t have the authority to impose them under the International Emergency Economic Powers Act. Many of the administration’s tariffs, however, remain intact, and President Trump has announced a new 15% global tariff following the decision. We discuss what that means companies, consumers, and the U.S.’s global trading partners. Plus, new analysis from the CATO Institute finds that the presence of immigrants helps to ease the federal budget deficit.

From the BBC World Service: Governments around the world are scrambling to react to President Trump’s decision to impose a sweeping 15% tariff on all imports to the United States. It follows Friday’s Supreme Court judgment that ruled the President had exceeded his authority when he imposed tariffs using a law reserved for national emergencies. And we’ll visit Spain, where the government recently announced plans to legalize around half a million undocumented migrants in a 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.

“Building Tomorrow” is a special collaboration between Marketplace and This Old House Radio Hour that asks a simple but urgent question: How do we build homes that can last the next hundred years?

From wildfire rebuilds to factory-built housing, this hour explores how new materials, new methods, and new ideas about community are reshaping the future of housing in America. Hosted by Jenn Largesse and Marketplace’s David Brancaccio, the episode blends reporting, lived experience, and hard science to show what’s possible right now.

In this episode, you’ll learn about:

A massive prefab factory where homes are built like cars on an assembly line.
A disaster research campus where engineers crash-test houses against hurricanes, hail, and wildfire.
A cutting-edge micro factory using software and small factories to build homes faster, locally, and at scale.
Touring a pioneering cross-laminated timber home built as a living case study in low-carbon construction.
How a 100-year-old house is transformed into a net-zero, future-ready home.
A tiny-house community redefining retirement, aging, and what “home” really means.

Note: In the segment featuring Aloe Blacc's prefabricated home, the exterior is made of cement fiber, but the interior is not. The home's fire resilience comes from a combination of steel framing, fiber cement siding, and triple-pane windows.

The Supreme Court just ruled that the cornerstone of the president’s tariff policy is illegal. It says Donald Trump can’t impose tariffs under the International Emergency Economic Powers Act. U.S. consumers and businesses have been shouldering nearly 90% of the cost of all import taxes, and some businesses are vowing to go to court to get a refund. Also on the show: weaker-than-expected GDP growth, DEI's rebrand, and potential federal regulation for driverless cars.

Mainstream economics acknowledges that some joblessness helps to keep prices down. It’s one of the reasons most economists say unemployment at zero isn't actually ideal. This morning, we're joined by the University of Tulsa's Clara Mattei, who argues in a new book that "unemployment is not a problem for our system, but it's actually a solution for it." But first, both Democrats and Republicans grapple with the issue of affordability.