When new gross domestic product data comes out tomorrow, economists expect we'll see the first GDP contraction in three years. But the report is backward-looking, so if the GDP did shrink, it will be thanks to tariff-related anxiety in the first quarter, rather than actual tariff implementation that kicked off in April. Also in this episode, some workforce stories: Why hiring more FAA air traffic controllers won’t be easy, a worker navigates Wyoming’s trona mining industry and a bathtub helps us understand the labor market differential.

Though it’s hard to say how much tariff-driven sticker shock consumers can stomach, some retailers have begun raising their prices. Other companies are rushing to set up “foreign trade zones” which allow them to sit on imported goods while they figure out their next move. In this episode, we'll also discuss how Trump's trade war — and the uncertainty it generates — is affecting a flower delivery business, the job market and American farmers.

The stock and bond markets may tumultuous right now, but gold prices have been on a tear. This week, they hit an all time high of $3,500 an ounce. In this episode, why nervous consumers, investment firms and even central banks are trading in cash for gold. Plus: The Trump administration announces incentives to get self-driving cars on the road and the largest passenger ship in the U.S. prepares to be sunk for science.

The Treasury’s Community Development Financial Institutions Fund supports lenders in far-flung and underserved areas. It also made a laundry list of federal programs President Trump deemed unnecessary and ordered to be “eliminated” last month. In this episode, how local banks are preparing for the possibility of losing that critical funding. Plus, leaders in the past who championed tariffs, retailers fret over consumer stress and apartment construction tapers off.

Trump’s tariffs will touch the vast majority of industries, but apparel — clothes, shoes, accessories — will be particularly impacted. Around 98% of clothing sold in the U.S. is imported, primarily from China. In this episode, we look at how tariffs have complicated the apparel supply chain. In short? Even fast fashion may no longer be cheap. Plus: The services sector braces for tariff-induced stings, home sales rose in March and a community bank CEO talks handling uncertainty.

Verizon lost nearly 300,000 monthly phone subscribers in the first quarter. The telecom giant put partial blame on ongoing government layoffs. Verizon will bounce back, analysts say, but its bad news may be followed by similar corporate disclosures reflecting DOGE-driven funding cuts and an atmosphere of paring back. Later in this episode, the U.S. lags China in nuclear power expansion, economic instability hinders AI data center investment and Catholic nuns struggle to find affordable care as they age.

The scale and volatility of the trade war may be surprising, but tariffs aren’t new — unless you’re an aircraft manufacturer. (A trade agreement eliminated duties on commercial jets in 1980.) Last week, China told its airlines to reject Boeing deliveries, and since then at least two jets have been redirected to U.S. soil. Also in this episode: Student visa revocations could impede U.S. innovation in tech and science, home sellers are making concessions and consumers struggle with credit card debt.

Stop us if you’ve heard this before: We’re in an unprecedented economic moment. But this time really is different. America’s place in the global economy is shifting, and what happens next is going to matter for businesses, consumers and you. This special Marketplace broadcast, hosted by Kai Ryssdal, is focused on helping you understand the scale and scope of the economic change in real time. Here’s what you’ll hear:Kai interviews experts about what happens when investors and businesses can’t plan, the relationship between tariffs and the return of manufacturing, and what we should think about employment going forward.On-the-ground stories from small businesses in Pennsylvania, Tennessee, Washington state, California and Iowa. Reporting from Sabri Ben-Achour, Justin Ho and Kristin Schwab on global trade without the United States, recession forecasting, and the industry that may experience the most tariff pain.Listener questions about the bond market, tariff revenue, the role of the U.S. dollar, global confidence and much more.We count on you, our listeners, to help cover the cost of the reporting that you rely on. If you can, please donate to help keep Marketplace free and accessible for all.

Some relief seems to have arrived on the housing shortage front — listings are up 9% compared to last year. But buyers who’ve been waiting for more properties to go on the market? Not many are biting. In this episode, why the housing market flip-flopped and put sellers in a tough situation. Plus, why the theft of food benefits is common and how warming waters are affecting Maine’s shrimp industry.

First-time jobless claims have been pretty stable since the start of March — unlike many other parts of the economy. President Donald Trump’s tariffs and immigration restrictions may not be ideal for businesses, but they could give companies a reason to hold on to workers. Also in this episode: The European Central Bank cuts its key interest rate, get that EV tax credit while you can, and a martial arts master stays in Altadena, California, after losing her studio in the wildfires.

We’ve heard about people rushing to replace big-ticket essentials ahead of trade war-related price hikes, but what about stuff that’s more of a want than a need? In this episode: Tariff anxieties shape discretionary spending, giving consumers a way to feel some control in this chaotic economy. Plus: mixed signals from a manufacturing report, bitcoin’s chance at “digital gold,” and one of Altadena’s largest employers wants to rebuild and rehire longtime staff after the California wildfires.

For the first few years of the pandemic, businesses navigated a backed-up global supply chain that left some with excess inventory and others with no inventory at all. Tariffs may cause similar issues: Companies are stocking up on imports, and prices will likely rise. In this episode, business owners compare this economic moment to early-COVID supply snarls. Plus: Trade tensions are causing a drop in oil prices and stoking confusion in the steel industry. Also: The first installment of our series about how Altadena, California, businesses will rebuild after the devasting wildfire.