Marketplace Morning Report

First up, AI has driven a market moodiness as of late. Broader anxieties have sparked sell-offs, while bullish tech optimism has also boosted stock indexes. What gives? Then, companies are expected to spend a whopping $50 billion a month on AI data center construction over the next few years. Those firms are issuing investment-grade corporate bonds to pay for it all. This morning, we'll dig into what that could mean for interest rates.

Last night, President Donald Trump strongly defended his tariffs in his State of the Union address. He made the case for future tariffs, despite the Supreme Court decision last week striking down the centerpiece of his tariff policy. Trump also expressed hope that import taxes will someday replace income taxes. Plus, Nvidia is looking to get back into the consumer market, and mortgage rates dipped below 6% this week.

From the BBC World Service: German Chancellor Friedrich Merz says there is a great opportunity to develop ties with China following a meeting with its leader, Xi Jinping. Before the trip, Merz said there needs to be a fair competition and jointly agreed-upon rules between the two countries. Also, starting today, almost all visitors to the United Kingdom will need to apply for an electronic travel authorization that costs around $21 before entering the country.

A new working paper from the National Bureau of Economic Research spotlights how immigrants may be shaping the health and mortality rates of older Americans. Researchers found that a roughly 25% increase in immigration to the United States could prevent nearly 5,000 deaths among seniors 65 and over. Today, we'll unpack the findings. But first, an ominous tale of AI destruction captured the imagination of the public — and stock market traders.

Wall Street is looking to recover after yesterday's big stock market drop. Part of it was due to tariff uncertainty, but part of it was also due to a thinkpiece that painted a nightmare scenario in which AI displaced white-collar jobs throughout the economy — in areas far beyond the software, technology, and financial firms that have recently faced a selloff. Also: Depop's new owner and a look at who gets left behind by new Trump Accounts.

From the BBC World Service: Exactly four years ago, Russia launched its full-scale invasion of Ukraine. Hundreds of thousands of troops have been killed, and the financial cost has also been massive for both countries. This morning, we'll learn more. Then, the U.S. has imposed a new flat-rate tariff of 10% on global imports. And, China has imposed restrictions on dual-use exports to 20 major Japanese companies, accusing them of boosting a military build-up in Japan.

Following Friday’s Supreme Court decision striking down a number of President Trump’s tariffs, the administration is moving to impose a global 15% tariff, with some exceptions for countries like Canada and Mexico. The tariffs, which are being levied temporarily under a statutory authority known as Section 122, will bring the average effective tariff rate to 13.7%, according to the Yale Budget Lab. Also on the program: Spain’s new plan to bolster its workforce by granting legal status to migrants living in the country illegally.

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.