On today’s episode, Kimberly joins "Economics on Tap" from the Toronto airport. We’ll unpack President Trump’s elimination of a tariff loophole known as the de minimus exemption that went into effect today, meaning low-cost shipments will no longer enter the United States tariff-free. Without it, Americans could start to feel some serious tariff pain. And, President Trump is renewing threats to revoke Harvard University’s tax-exempt status. Plus, we’ll play a round of Half Full/Half Empty.

Here’s everything we talked about today:

-"Trump's tariffs come for fast fashion, and the blowback could be fierce." from Politico

-"Harvard President Says Any Move to Revoke Tax-Exempt Status Would Be ‘Highly Illegal’" from The Wall Street Journal

-"Trump aims to cut $6 billion from NASA budget, shifting $1 billion to Mars-focused missions" from CNBC

-"Visit this store for a free iris scan to ‘prove’ you’re human, not AI" from The Washington Post

-"MoviePass’ Next Big Bet: A Fantasy Box Office App" from The Hollywood Reporter

-"A little retirement, as a treat" from Marketplace

Got a question for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

This week, President Trump acknowledged his tariffs were resulting in costlier items in the U.S., but maintained his position that China was taking the majority of the heat. If people can’t afford to buy as much, might that be a recipe for recession? We’ll discuss, and answer a listener’s question on what exactly is a recession. Plus, how uncertain economic conditions might make someone reconsider a luxury cheese purchase.

Here’s everything we talked about today:

- Recession defined by the U.S. Bureau of Economic Analysis (BEA)

- “Trump says US kids may get '2 dolls instead of 30,' but China will suffer more in a trade war” from the Associated Press

- WATCH: “Trump says kids may get '2 dolls instead of 30' because of trade war with China” from the Associated Press

- “Trump, on Tariffs, Says ‘Maybe the Children Will Have 2 Dolls Instead of 30’” from The New York Times

- “Spending by American companies on computers in Q1 grew at the fastest pace since 1983” by Marketplace

- Check out the Canadian cheese shop Kimberly mentions in this episode

Join us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

The Commerce Department reported the U.S. economy contracted by 0.3% in the first quarter of this year. We’ll break down the GDP math formula and dig into what the latest report says about where the US economy may be headed. And, should businesses be transparent about the impact of tariffs on prices? A nixed plan from Amazon serves as a cautionary tale of the political risks. Plus, feeling stressed these days? Cow cuddling and bee therapy might help.

Here’s everything we talked about today:

-"Trump blames Biden after GDP shrinks in first quarter, says growth will 'take a while'" from CNBC

-"Businesses weigh how much to tell customers about tariffs' impact on price" from Marketplace

-"Trump-Bezos call sets stage for tense earnings report from Amazon" from CNBC

-"Trump vs. Amazon’s Brilliant Tariff Idea" from The Wall Street Journal

-"The Americans Fled Vietnam 50 Years Ago. I Visited the Buildings They Left Behind." from The New York Times

"Anxious about the world? Cow cuddling or bee buzzing might help ease your stress" from The Denver Post

Got a question for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.