The Trump administration rescinded an order freezing federal grants — but not foreign aid. That is still suspended for a 90-day review. While some exceptions have been made, some aid groups say lives could be on the line. Plus, The Economist magazine ranks Spain’s economy as the strongest in the world. The Spanish economy grew 3.2% in 2024, which was faster than growth experienced in France, Germany, Italy and the United Kingdom.

Fires in Southern California this month destroyed at least 16,000 structures. More than 9,000 of them were lost in and around Altadena — and that included the home of “Marketplace Morning Report” host David Brancaccio. David and his wife, Mary, provide a dispatch from the site and share what they’re learning as they look to rebuild. But first: what Big Tech CEOs are saying about competing with the Chinese AI platform DeepSeek.

From the BBC World Service: The European Central Bank is expected to cut interest rates today to give a boost to the eurozone’s sluggish economy. As major economies like France, Germany and the United Kingdom struggle, Spain’s growth outstripped the eurozone last year. What’s the key to its success? Also, the artificial intelligence showdown continues as China’s tech giant Alibaba unveils its own AI chatbot. We’ll discuss.

The Federal Reserve briefing on the economy, jobs and interest rates is due later today. It is likely to be a quiet start to an eventful year for the central bank. Also on the program: why the prices of tech stocks are being impacted by China’s DeepSeek AI model. And later, we look at the latest in a case involving freight rail company Norfolk Southern and passenger railroad company Amtrak.

The average American tax filer spends more than $200 on tax prep each year, often through tax softwares like TurboTax, H&R Block or TaxSlayer. But the IRS has been piloting a free filing system, Direct File, and it’s now available to people in 25 states. Plus, consumers are more downbeat on the economy, and the Trump administration is offering a sort of buyout package to federal workers.

From the BBC World Service: The British government announced that London’s Heathrow Airport will get a third runway. Chancellor Rachel Reeves says it’ll make the U.K. more globally connected as she pushes for growth in the economy. Then, countries in Africa are attempting to pull themselves out of post-COVID economic slumps. Yet one persistent economic challenge for many countries on the continent? They import a lot of food staples, such as cashews.

A record 47% of the European Union’s electricity is now generated by renewable energy sources. Saudi Arabia and China have also been investing in greener energy sources. In the U.S., however, President Donald Trump has pulled the country out of the Paris Climate Agreement and is pushing more fossil fuel development. We’ll discuss. Plus, we’ll talk about the potential trajectory of interest rates and the state of the airline economy.

The Trump administration is ordering a temporary pause of all federal grants and loans, which takes effect at the end of today. The order came in a memo from the Office of Management and Budget and leaves a lot of questions unanswered. Also, workers at a Whole Foods store in Pennsylvania have voted to unionize, and we look at how the Congressional Review Act could allow Republicans to roll back some Biden-era regulations.

From the BBC World Service: A lower-cost artificial intelligence chatbot from a Chinese start-up is fueling a second day of global tech stock sell-offs as investors flag concerns about AI advancements in China. U.S. President Donald Trump calls it a “wake-up call” for U.S. firms. And later: Is Elon Musk’s role in the Trump administration impacting brand decisions about advertising on X? We’ll hear more.

There are reports this morning of yet another lifeline for TikTok — this time involving an artificial intelligence startup called Perplexity AI. Over the weekend, President Donald Trump said a deal was in the works. A decision on TikTok’s fate could be made in the next 30 days. Also: why one Chinese AI firm is dragging down U.S. stocks and what all goes into water cleanup efforts in Guatemala.