New tariff threats are piling up. The president has threatened higher tariffs on goods from the EU and on anyone who trades with Russia. The EU is preparing retaliatory tariffs in response. Stuck in the middle of this tariff whirlwind are small businesses. Today, we check in with the owner of a Virginia tea shop to discover how her store is faring. But first, this morning's consumer price index shows accelerating price increases. Plus, from Marketplace’s “The Age of Work” series, we hear a story about aging and one family business in London.

The Texas economy is among the most vulnerable in the country when it comes to the threat of escalating tariffs. While much of the focus has been on trade with Mexico due to tightly integrated supply chains, the future of European trade with Texas is also uncertain. We'll hear what's at stake. Plus, Nvidia can sell chips in China again, and, from Marketplace's "How We Survive," we'll learn what the big tax cut and spending law means for the climate crisis.

From the BBC World Service: President Donald Trump says he backs NATO now that countries in the military alliance boosted funding. The president's comments are part of a wide-ranging exclusive interview with the BBC and follow a threat of tariffs for Russia if there's no ceasefire with Ukraine in 50 days. We'll hear a bit of the conversation. Then, China's economy has outpaced expectations despite pressure from tariffs, and Tesla is set to launch operations in India.

Bitcoin hit a record $122,000 this morning as the House of Representatives ramps up for what's being called "Crypto Week," where lawmakers will be taking up three bills that could lay the foundation for how digital assets are regulated. We'll hear more about what to expect. And later, we'll unpack market reactions to daily swings in tariff policy and learn how China's rare earth metal dominance comes at a significant environmental cost.

This week, we get a few snapshots of what inflation is doing. Everyone wants to know when tariffs will start showing up in the overall data, because they mostly haven't yet, partly due to the Federal Reserve's tight monetary policy. But that doesn't mean tariffs aren't affecting the economy. We'll discuss. Also: how Europe is trying to keep U.S. trade tensions from boiling over, and where copper imports are being diverted ahead of looming tariffs.

From the BBC World Service: The European Union is looking further afield for trade agreements after weeks of testy talks with the U.S. We'll hear how European leaders are feeling and discuss the likelihood of any trade deals. Plus, China holds a powerful card in the global economy: control over rare earth minerals, used in everything from smartphones to wind turbines and electric cars. We travel to the country’s two biggest rare earth mining regions.

Medicaid is run by the states, but about 70% of its funding comes from the federal government. Now, given $1 trillion in cuts from President Donald Trump's tax and spending law, states are left trying to fill in the gaps and will have difficult care and coverage decisions to make. We'll unpack it all. Also on this morning's program, we'll learn about higher taxes on Canadian imports and how markets are responding to them.

Back-to-school shopping already? We’re only about halfway through July, but for retailers — and some very organized parents — the back-to-school shopping season is already underway. Thing is, the sales forecast isn't looking so good. We'll hear more. A new survey from Deloitte says school shopping spending is expected to dip this year, when adjusting for inflation. Plus, President Donald Trump threatens new tariffs against Canada, and banks grow more cautious about making new loans.