Earlier this week, President Trump announced a “massive” trade deal with Japan. But as Japanese officials clarify some of the terms, it’s not clear how concrete the deal actually is. We’ll explain. Also, some wealthy Democrats who stand to benefit from Trump’s tax cuts are rallying against them. Plus, we’ll play a round of Half Full/Half Empty!

Here’s everything we talked about today:

• "Cracks widen in Japan and US’s interpretation of tariff trade deal" from The Financial Times
• "Trump’s Tariffs Are Being Picked Up by Corporate America" from The Wall Street Journal
• "Rich liberals do not want their big Trump tax cut" from The Washington Post
• "AI has come for the fragrance industry" from Marketplace
• "Want to pay down the national debt? The US government will take Venmo" from The Verge
• "Meme stocks have staged a surprising return" from Marketplace
• "Restaurants Are Trying to Tariff-Proof The Menu" from Eater

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Republicans’ newly passed tax and spending law makes good on a promise President Trump made over and over on the campaign trail: No Tax on Tips and Overtime. But the change likely won’t have the drastic impact many workers think it will. Marketplace’s Kristin Schwab joins us on the show today to break down the nuts and bolts of how the tax breaks will work and how American workers and businesses could be affected. Plus, Kimberly’s cat Artax makes an appearance.

Here’s everything we talked about today:

• "How the new "No Tax on Tips" and overtime laws work" from Marketplace
• "No Tax On Tips And Overtime: What Workers Should Know" from Bankrate
• "Here’s A Tip: ‘No Taxes on Tips’ May Be Good Politics But Is Bad Policy" from the Tax Policy Center

• “An Illustrated Guide to Who Really Benefits From ‘No Tax on Tips’” from The New York Times

  
  

  Join us tomorrow for Economics on Tap. The YouTube livestream starts at 3:30 Pacific/6:30 Eastern. See you then!

President Trump announced a trade deal with Japan that will impose 15% tariffs on imports. Wall Street is happy, but it could put the United States in an awkward position as the Trump administration continues to seek other deals. Sabri Ben-Achour explains. Also, the federal government is leading a major deregulatory crusade. And they want your input. Plus, quilts and blooming plants make us smile.

Here’s everything we talked about today:

• "Trump's Labor Department proposes more than 60 rule changes in a push to deregulate workplaces" from AP News
• "Trump Strikes Deal With Ally Japan Setting Tariff Rate at 15%" from Bloomberg

• Listener Jen’s quilting Instagram

  
  

  We love hearing from you. Leave us a voicemail at 508-U-B-SMART or email makemesmart@marketplace.org.

Lately, tech companies like Meta have been putting hundreds of billions toward building new data centers to power their AI ambitions. Some communities have been pushing back, however, arguing these facilities strain local resources. But demand for data centers isn’t expected to slow down anytime soon. On the show today, Landon Marston, professor of civil and environmental engineering at Virginia Tech, explains what data centers actually are, why they require so much energy and water to operate, and how they can affect nearby communities. Plus, how can data centers become more sustainable?

Later, reflections on Medicaid cuts and the power of journaling. And, a listener makes us smarter about “100-year floods.”

Here’s everything we talked about today:

• "Their Water Taps Ran Dry When Meta Built Next Door" from The New York Times
• "Coreweave stock pops after company announces $6 billion AI data center in Pennsylvania" from CNBC
• "Meta's Zuckerberg pledges hundreds of billions for AI data centers in superintelligence push" from Reuters
• "How A.I. Is Changing the Way the World Builds Computers" from The New York Times
• "China Is Putting Data Centers in the Ocean to Keep Them Cool" from Scientific American

• ”The 100-Year Flood” from the U.S. Geological Survey

  
  

  We love hearing from you. Leave us a voicemail at 508-U-B-SMART or email makemesmart@marketplace.org.
  

Acting head of Immigration and Customs Enforcement Todd Lyons said his agency’s crackdown on unauthorized immigration will extend to employers as well. Industries that rely heavily on undocumented workers are pushing back. We’ll get into it. And, American consumers are spending in the face of tariff-fueled inflation fears. (For now, at least.) Plus, Korean beauty loyalists and summer camps for sewing make us smile.

Here’s everything we talked about today:

• "ICE head says agency to crack down on American companies hiring unauthorized workers" from The Hill
• "Transcript: Acting ICE director Todd Lyons on "Face the Nation with Margaret Brennan," July 20, 2025" from CBS News
• "The U.S. Economy Is Regaining Its Swagger Despite Trump’s Tariffs" from The Wall Street Journal
• "Teens Learn the Lost Arts of Sewing and Ironing at New Summer Camp Taught By Local Grandmas Staving off Loneliness" from Good News Network
• "A Year’s Worth of Mascara? Fans of Korean Beauty Stock Up as Tariffs Loom." from The New York Times

• "After Pledging to Keep Prices Low, Amazon Hiked Them on Hundreds of Essentials" from The Wall Street Journal

  
  

  We love hearing from you. Leave us a voicemail at 508-U-B-SMART or email makemesmart@marketplace.org.

The Trump administration has agreed to share the data of millions of Medicaid enrollees with Immigration and Customs Enforcement officials in an effort to locate immigrants who may be undocumented in the U.S. We discuss the implications of this agreement. And, we explain a White House executive order in the works than plans to target AI models seen as too “woke.” We get into how that aligns with the Trump administration’s efforts to dismantle diversity, equity and inclusion initiatives. Plus, we’ll play a round of Half Full/Half Empty!

Here’s everything we talked about today:

• “Trump administration hands over Medicaid recipients’ personal data, including addresses, to ICE” from The Associated Press
• “White House Prepares Executive Order Targeting ‘Woke AI’” from The Wall Street Journal
• “A UK-based company hopes to use “robot dogs” to address labor shortages in health care” from Marketplace
• “Social media algorithms create “algospeak,” a kind of internet slang” from Marketplace
• “Roblox will scan users’ video selfies to assess their ages” from WIRED
• “TSA to add a lane for families with children and members of the military” from Fast Company

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The Senate approved the Trump administration’s rescission package today, which proposes taking back $9 billion in federal funding already allocated for programs such as public media and foreign aid. We’ll get into the implications for the bipartisan nature of the budgeting process. Plus, we explain the latest development of a lawsuit against Meta CEO Mark Zuckerberg and company leaders, which stems back to the 2018 privacy scandal involving Cambridge Analytica. Then, we’ll smile at a piece of new technology that claims to shoot mosquitoes using lasers. And, do you believe in supernatural forces?

Here’s everything we talked about today:

• “Russ Vought: Appropriations process ‘has to be less bipartisan’” from POLITICO
• “The Appropriations Process Was Already Broken. The Rescission Bill May Have Just Shattered It.” from NOTUS
• “Meta investors, Zuckerberg reach settlement to end $8 billion trial over Facebook privacy litigation” from Reuters
• “This ‘Iron Dome’ for mosquitoes shoots down bugs with lasers” from Fast Company
• “Angels, witches, crystals and black cats: How supernatural beliefs vary across different groups in the US” from The Conversation

We love hearing from you. Leave us a voicemail at 508-U-B-SMART or email makemesmart@marketplace.org.

According to the latest consumer price index, the reported prices of several items, including apparel and household furnishings, increased in June, suggesting some preliminary effects of the Trump administration’s tariff policies. We discuss President Donald Trump’s response calling for the Federal Reserve to lower interest rates, and why it’s so crucial to preserve an independent central bank. Then, we take a look at Missouri, where the state’s legislature and the governor overturned the outcome of a ballot initiative. What does that say about the state of public participation in the democratic process? And, we celebrate some wins from listeners about a rekindled drive to write poetry and what it means to be a good friend.

Here’s everything we talked about today:

• "Missouri governor repeals paid sick leave law approved last year by voters" from The Associated Press
• "Missouri Rolls Back Paid Sick Leave Entitlement; $15 Minimum Wage Remains" from National Law Review
• “Missouri’s voters restored abortion rights. Their leaders are trying to overrule them” from the newsletter The 19th News
• "D.C. budget update: Tipped minimum wage compromise fails, ranked choice voting funded as budget advances" from WAMU
• "Inflation picks up again in June, rising at 2.7% annual rate" from CNBC

We love hearing from you. Leave us a voicemail at 508-U-B-SMART or email makemesmart@marketplace.org.