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President Trump is enacting a 25 percent tariff on $50 billion of Chinese goods "that contain industrially significant technologies," after months of exchanging threats amid concerns over a potential trade war.

U.S. Customs and Border Protection will begin to collect tariffs on the first $34 billion worth of Chinese imports on July 6. A second set of imports subject to tariffs is still under review.

America's 1998 World Cup disaster

Jun 15, 2018

(U.S. Edition) That's soccer, if you were wondering which one. But first: China is threatening quick retaliation against U.S. tariffs on $50 billion worth of goods. Our Shanghai correspondent will bring us the latest before we shift our focus up north, our relationship with Canadian agriculture. Plus: History seems to be repeating itself for the American soccer team in this year's World Cup.

TGIF

Jun 15, 2018

(Markets edition) It's been a watershed week for people trying to figure out where to put their money. Big central bank meetings, an IMF report on U.S. fiscal policy and now President Trump is green-lighting $50 billion in tariffs against China, which has promised to retaliate. We'll check in on markets and talk about where things stand. Then, it's wedding season and we're wondering: Should newlyweds combine their bank accounts? Today's podcast is sponsored by Indeed. (06/15/2018) 

After the 1994 World Cup, being a soccer player in the U.S. became recognized as a real profession.

The U.S. team had a respectable finish that year, making it to the knockout stage of the tournament despite its defeat by Brazil on the Fourth of July. 

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RACHEL MARTIN, HOST:

White House To Announce China Tariffs

Jun 15, 2018

Copyright 2018 NPR. To see more, visit http://www.npr.org/.

STEVE INSKEEP, HOST:

The International Monetary Fund warned this week U.S. tariffs could dent global growth, but according to reports, President Trump is preparing to unveil $50 billion worth of new tariffs on another batch of Chinese imports. If you’ve lost track of what’s covered and what’s not, we’ll take a step back and bring you up to speed. Then, China’s ride-hailing app Didi is the world’s most valuable startup, and it’s now expanding into Melbourne, Australia. Plus, the world’s most expensive movie poster ever sold fetched half a million dollars at auction, but what makes a poster so valuable?

Seattle fought Amazon ... and Amazon won

Jun 15, 2018

The Seattle City Council voted this week to undo a new tax that would have made big businesses pay per employee to generate money for public housing and help for the homeless. Seattle's housing costs and homeless population have both exploded in recent years as the tech industry, mainly Amazon, has brought higher salaries and lots more jobs. But Seattle businesses, including Amazon, pushed back hard on the new tax. One month after it passed, the city council flipped the reset button.

Kentucky's Attorney General announced on Thursday that the state is suing the pharmacy chain Walgreens for allegedly exacerbating the "man-made" opioid crisis, by playing a dual role in in the supply chain as both the distributor and dispenser.

The lawsuit also asserts the company willfully ignored its own safeguard systems that are designed to protect consumers and monitor their drug consumption.

Gas prices are on the rise just in time for summer travel. But will that give drivers second thoughts about hitting the road during the summer vacation season?

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In order to afford a modest one-bedroom rental, an American would, on average, have to make $17.90 an hour. This is according to the National Low Income Housing Coalition. There’s just one problem — $17.90 is far above the federal minimum wage. It means there are a lot of people who can’t really afford their rent. The question is, what other essentials are they giving up?

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New numbers out Thursday show that Americans spent a lot of their paychecks on retail last month. U.S. retail sales were strong in May, rising about eight-tenths of a percent from a month earlier.  That may sound small, but it’s the biggest one-month jump since last November. Among the merchants that got a lot of love are those that sell building materials.

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ECB to end stimulus. Is Europe's economy out of the woods?

Jun 14, 2018

The European Central Bank announced today it is doing something the Federal Reserve has been doing for several years now: It's taking its foot off the gas pedal of the economy — in this case, the eurozone economy. Specifically, it's ending its practice of buying up bonds. So is the eurozone back on track?

Click the audio player above to hear the full story. 

In the potential tariff war between China and the United States, each state is choosing to protect different sectors. Which is right? And is there a way for a country to engage in “good” protectionism for its own interests?

First off, economists in general agree that tariffs should be avoided because they bring costly trade-offs. If a country taxes imported sneakers, for instance, it helps domestic shoemakers but deprives shoe buyers of the best, low-price kicks.

The New York Stock Exchange got its start more than 200 years ago, with an agreement, signed by 24 men under a buttonwood tree on Wall Street.

Up to that point trading was a chaotic operation, conducted on street corners and in coffee houses, with basically no rules. So when America's young government declined to write its own regulations, a group of traders took it upon themselves to enter into a gentlemen's agreement that would lay the groundwork for the Wall Street we know today.

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