Marketplace Morning Report

From the BBC World Service: India and the European Union have agreed to a major trade deal after nearly two decades of on-and-off negotiations. The wide-ranging agreement will see a number of huge tariff cuts and a joint security partnership. And later, President Donald Trump says that he's jacking up tariffs on South Korea. Plus, French lawmakers have passed a bill that will ban children under 15 from accessing social media.

The second deadly shooting in Minnesota by immigration agents has some Democrats in Washington renewing calls for reform to the Department of Homeland Security. This could hold up a spending bill, increasing the chances the federal government partially shuts down again late this week. Also in play is money for defense. We'll hear more. Then, we'll discuss the value of the yen and hear why more optimism about the economy isn't translating into hiring.

Following yet another deadly shooting by ICE agents in Minnesota, more than 60 CEOs there have now signed a letter calling on federal, state, and local officials to de-escalate. Some smaller businesses across the state have temporarily closed or reduced hours as employees and customers worry about being stopped or profiled by ICE. Also: Surging precious metal prices hint at investor anxieties, and we look at the economic impact of the 2026 Winter Olympics.

From the BBC World Service: A group of European countries has signed a clean energy pact, committing to build an offshore wind power grid in the North Sea. The agreement is in contrast to the U.S. and President Donald Trump's strong opposition to wind power. Then, gold hit another high. Plus, Peru’s Chinese-funded “mega port” has ambitious plans to become a local and regional hub for Latin America, but is it delivering?

TikTok says it has formed a joint venture for U.S. operations with majority American ownership. The deal is intended to address national security concerns that led to a law that would have banned the app. Then, the world is now holding more gold than U.S. bonds. Is this a sign of changing times? And later, we discuss Americans’ savings rate and the impact of the upcoming cold snap on spending.

Usually a relatively quiet affair, this year’s World Economic Forum made headlines as President Donald Trump walked in with threatening language over wanting to acquire Greenland and left with what he said was a framework deal that would avoid a new trade war. We'll discuss the lasting impact. Plus, TikTok looks to be here to stay. And, from Marketplace's "This Is Uncomfortable," we hear about the importance of how people feel about their finances.

From the BBC World Service: Sanctions on the export of Russian oil have left many ships stuck at sea, unable to unload their cargoes. Today, we speak with a captain of an oil container ship that's part of Russia’s shadow oil export fleet. His ship and the crew are stranded, unable to sell or offload their ship's oil. Then, we head to Slovakia, which manufactures more cars per capita than any other country in the world.

President Donald Trump acknowledged yesterday that he'll need help from Congress to cap credit card interest at 10%. He also talked about this at the World Economic Forum; at another Davos venue, JPMorgan Chase's Jamie Dimon said that capping cards would cause "economic disaster." We dig in. Plus, tax breaks from the "Big Beautiful Bill" should boost the economy (temporarily), and boosting Venezuela's oil production could have serious environmental impacts.

Following the president's intervention in Venezuela, the Trump administration is escalating threats against several sovereign nations. Now, Cuba is set to lose access to one of its main suppliers of oil, adding pressure to its increasing energy shortage and an already struggling economy. This morning, we'll discuss with the BBC's Will Grant. Plus, President Donald Trump’s pivot on Greenland was well-received on Wall Street, and renter affordability is improving.

From the BBC World Service: The world has been reacting to President Donald Trump's announcement of a vague framework agreement over the future of Greenland. The president said that the U.S. will not impose tariffs on eight NATO countries. Then, you might think of corporate bonds as relatively modern, but companies have actually been issuing them since at least the 17th century; so what kind of return can you expect from a bond issued in 1648 by a Dutch water company?

On Wednesday, President Donald Trump spoke in front of international leaders in Davos, Switzerland. There, he touted his use of tariffs to disrupt the global trading system and spoke about his aspirations for acquiring Greenland without the use of force. We'll unpack some of the economic headlines. Then, we'll also discuss yesterday's sell-off of stocks and bonds and hear how Russia's war on Ukraine is impacting European airlines’ bottom lines.

People around the world are using AI more than Americans, a new poll finds. About 40% of adults in the U.S. told pollsters that they used generative AI in the last year. In Nigeria, the United Arab Emirates, and India, that number was about 85%. What's driving the divide? But first: a preview of markets before President Donald Trump's speech at Davos, and a look at the struggle between the Trump administration and the Fed.

From the BBC World Service: Tech billionaire Elon Musk has picked a fight with Michael O'Leary, the chief executive of Ryanair; after O'Leary said Ryanair wouldn't be offering Musk's Starlink satellite services, Musk floated the idea of buying Ryanair himself. Plus, Lufthansa — one of the world’s largest airline groups — says that airspace closures due to war zones are forcing substantial rerouting of flights, with the ban on using Russian and Ukrainian airspace creating detours of one to two hours.

Today is the second day of the World Economic Forum meeting in Davos, Switzerland. It's a meeting that attracts some of the world's most powerful people (and often protests). Among the biggest names are the heads of Microsoft and Nvidia, the chancellor of Germany, and — after a six-year in-person absence — President Donald Trump is returning to the forum. We'll outline what to expect. But first: a discussion of housing and tariffs.

The Supreme Court will hear oral arguments tomorrow in the case around President Donald Trump's bid to fire Federal Reserve Governor Lisa Cook over mortgage fraud allegations. Cook denies any wrongdoing, and she hasn't been charged with any crime. Federal Reserve Chair Jerome Powell is set to attend tomorrow's session. We hear about the case at hand and what's at stake. But first, we hear why houses in some areas could get more affordable this year.

From the BBC World Service: It's day two of the annual World Economic Forum in Davos, Switzerland, where President Donald Trump's goal of acquiring Greenland continues to preoccupy European leaders, as he attempts to project military and economic power over NATO allies. The president of the European Commission described fresh tariffs as a "mistake" and warned the response would be "unflinching." Also on this morning's program: a look at tourism in Japan and ghosting in the job market.

It's called the "lipstick effect." Consumers sometimes splurge on small luxuries — like cosmetics, accessories, and more — as a sort of rebellion against a bleak economic backdrop. And these indulgent purchases are expected to be big in the year ahead. Also: the toll tariffs have taken on the economy as Trump threatens more over Greenland and the impact of a growing number of millionaires in the United Arab Emirates.

President Donald Trump has made it very clear that he wants to purchase Greenland. Now, he's threatening to increase tariffs on eight European countries unless they agree to let the U.S. purchase the Danish territory, and the European Union is considering retaliation with its own tariffs on U.S. products. Also on the show: Europe is emerging as a major new destination for low-cost items from China.

From the BBC World Service: New data shows that China's economy grew by 5% last year. While positive, it’s not anywhere near the stellar growth figures China has had over years past, and the economy faces a weak housing market, a falling population, and ongoing trade tensions with the U.S. Plus, we examine what's driving the wealthy to the United Arab Emirates and how a boom in luxury real estate is changing Dubai.

International visitors to 11 U.S. national parks, including Yellowstone, Bryce Canyon, and Sequoia, now have to pay more to get in — as in, up to a $100 a head more. The fees will help national parks address maintenance backlogs running to more than $22 billion, but some worry that it'll dent visitor numbers and hurt “gateway communities” near the parks. Also: plans to cap credit card rates and energy prices.