The import price index, which keeps track of the price of imports before tariffs are applied, comes out tomorrow. You can tell by looking at it who exactly is paying for tariffs. Prices in certain categories have fallen in recent months — a sign that some foreign exporters are trying to offset the cost of tariffs. But first: The U.S. and China are talking trade, and consumers continue to spend despite economic anxieties.

From the BBC World Service: As U.S. and Chinese officials hold trade talks in Spain’s capital, the deadline approaches for TikTok, which U.S. President Donald Trump threatened to ban over security worries. Then, the U.S. and U.K. have lined up a string of deals aimed at speeding up nuclear power projects. And, Ghana is the world’s largest importer of used clothing, but about 40% is too damaged to resell. How can the problem be addressed?

Borders may be invisible to most shoppers, but for businesses, they often mean delays, extra costs, and reams of paperwork. And amid Trump’s trade war, global trade is now faster and more complex than ever. Those new pressures have sparked a boom in new "customs tech" companies promising to speed things up. The BBC’s Leanna Byrne reports.

The Russell 2000, a stock index of smaller companies or “small caps,” has fallen behind the S&P 500 over the past few years. A Fed rate cut, which may come as soon as next week, could change their luck. In this episode, why interest rates have an outsize effect on smaller companies. Plus: Homebuilding is harder under President Trump’s tariffs and immigration policies, brands lean into the power of scent, and we recap the week’s economic headlines.

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Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Today’s news comes with a side of pawpaws. Kimberly is joined by Laura Blessing, senior fellow at the Government Affairs Institute at Georgetown University, to break down the moves President Trump is making to exert more control over government spending. As Congress faces the possibility of another shutdown head on, it’s souring the mood. Plus, we’ll play a new game! Can you guess which headline is fake?

Here’s everything we talked about today:

• "What is a pawpaw, and will I ever be able to buy it at the grocery store?" from Marketplace
• "‘Don't even bother dealing with them,’ Trump says of Democrats’ shutdown demands" from Politico
• "What to know about Trump’s ‘pocket rescission’" from The Hill 
• "Paris Hilton mini-fridges recalled due to fire, burn hazards" from The Hill  
• "Musk got DOGE's mission "backward," Lutnick says" from Axios  

• "Trump announces crackdown on pharmaceutical advertising" from Politico 

  
  

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“Marketplace Morning Report” is breaking down the overall picture of the U.S. economy by zooming in on different regions and taking a closer look. Marketplace’s senior economics contributor Chris Farrell reports from St. Paul, Minnesota, about what’s happening in the Federal Reserve’s Ninth District — which includes most of the upper Midwest. Also: Paramount Skydance explores a bid for Warner Bros. Discovery, and markets anticipate a Federal Reserve rate cut.

"When you face bad economic numbers, you've got two choices: fix the economy or attack the numbers," says University of Michigan economist Justin Wolfers. Today, we'll discuss what to make of how the Bureau of Labor Statistics collects data on jobs and inflation, as well as the doubts cast on BLS under the second Trump administration. But first, grocery prices jumped in August. Thing is, tariffs aren't to blame.

From the BBC World Service: Hundreds of workers have returned home to South Korea following a raid by U.S. immigration at a Hyundai battery plant in Georgia. Officials said many workers violated their visas. This morning, we'll hear about the outrage South Koreans are feeling and the hesitance by South Korean companies to invest in the U.S. Then, Europe will get its first Universal theme park near Bedford, England. What economic benefits could the park bring?

Marketplace’s Nova Safo spoke with Joanna Stern, senior personal technology columnist at the Wall Street Journal, to discuss all these topics and more. This episode was produced by Jesús Alvarado.

The labor market has been cooling for a bit, and in some sectors is virtually frozen. That could push the Federal Reserve to cut interest rates. But the Fed’s other mandate, besides maximum employment, is price stability. And inflation is picking up. What to do, what to do…. Later in this episode: Why are utilities costs up? Are restaurants hiring when no one else is? And, should retirement accounts have access to private equity funds?

Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.

Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.