Below is a copy of the latest Daily Wrap email from Marketplace.
Sign up for the Marketplace Daily Wrap to receive updates directly in your inbox each weekday evening.
Plus: A record number of Americans are set to travel this Memorial Day. 
We hope you enjoy today's briefing from Marketplace. Subscribe to more Marketplace newsletters here.
Public media is facing potential funding cuts
We’re turning to you at this critical time. Individual donations are so important right now.
GIVE TODAY

Markets were jubilant today as the U.S. and China announced they’d reduce tariffs on each other’s imports from embargo levels down to double-digits. But the truce lasts just 90 days and there’s still plenty of uncertainty about trade right now.

In today’s newsletter, we ask whether that’s enough progress for Americans to stop stockpiling. Plus: Summer travel season is here, and President Trump might have a new jet. 

Shoppers at a grocery store.
Brandon Bell/Getty Images
China tariffs are a lot lower, but still high. Will Americans keep stocking up?
The last time Trump issued a 90-day pause on a different set of tariffs, consumer sentiment didn’t change much.

The Trump administration has walked back tariffs on China, after businesses and consumers spent several months stocking up on goods to get ahead of higher prices. Those tariffs — and their potential price impacts — are now much lower than they were just a few days ago. But that doesn’t make consumer decisions all that much easier right now.

Here’s the conundrum for consumers: Is it worth it to buy a lot of something now, assuming that it will be more expensive or harder to find in the near future? 

For Yao Jin, an associate professor of supply chain management at Miami University, that something is a certain kind of black vinegar.  

“The vinegar that I bought is Chinkiang. It is a very traditional Chinese vinegar,” he said.

It’s imported. He uses it all the time. And Trump imposed tariffs on Chinese imports totaling 145%, so he bought three gallons of it last weekend.

“Which ironically, a week later, the tariffs got suspended. Yay!” he said.

So, maybe that purchase was a mistake. Or, maybe the price will go up again, and it’ll have been worth it.

That uncertainty is not going away, said Joanne Hsu, who heads the University of Michigan’s consumer sentiment survey.

“I think that consumers are still going to feel like tariff policy is still volatile. They're not going to feel resolution,” she said.

Because the latest tariff pause is supposed to last 90 days. And just a month ago, the last time the Trump administration put a 90-day pause on a different set of tariffs, Hsu’s survey didn’t show any increase in optimism.

“Consumers really are continuing to wait for the other shoe to drop,” she said.

READ MORE


 
News you should know

Let’s do the numbers

  • Stocks surged on China’s trade truce with the U.S. The S&P 500 closed up 3.3%, the Dow added 2.8% and the tech-heavy Nasdaq rose 4.3% to bull market territory.

  • Oil prices pulled out of last week’s market-disrupting lows, while gold sank as investors saw less need for a safe haven.

  • Pharmaceutical stocks wavered on a new executive order aimed at lowering drug prices, but shares largely recovered in part because the White House might not be able to enforce it.

Trade

  • “We went from being in a failed economic policy to a D+ or maybe C- economic policy.” That was the analysis one expert gave us on the state of U.S.-China trade today.

  • The price of soybeans surged today as American farmers cheered lower tariffs on goods going into China. 

  • It’s worth remembering the “Liberation Day” tariff scheme was meant to reorder global trade and reshore American manufacturing. That seems very, very unlikely at this point.

  • Apple is reportedly considering raising iPhone prices when the new models drop this fall, but it’s determined to keep the blame off tariffs.

Travel

  • AAA expects 45.1 million people to travel more than 50 miles this Memorial Day, which would break a record set in 2005. The vast majority of them will be driving.

  • Qatar offered the President a new luxury jet to replace Air Force One and keep flying when his term is over. Trump batted down widespread conflict of interest concerns.

On recent earnings calls, most travel companies forecast a bumpy rest of the year, if they forecast at all.  
 
Quote of the day
"It actually doesn't change anything, because we don't know what's on the other side of those 90 days."
—  Travis Campbell, owner and CEO of travel gear company Eagle Creek

Campbell is talking about Trump’s 90-day “reciprocal” tariff pause from last month, which affects the duffel bags, packing cubes and other products Eagle Creek manufactures in Indonesia.

Outdoor activities are a big industry in the U.S., contributing about $1 trillion to the economy, but most clothes and equipment for hiking, skiing, fishing and more are made overseas. Industry professionals told us shifting manufacturing stateside isn’t viable, and Campbell said all the uncertainty meant he’s already delayed hiring and raises.
Get smarter with Marketplace texts
Sign up to receive occasional tips to help you make the most of your money and live smarter. You'll also be the first to know about exclusive Marketplace merch and events in your area.
LEARN MORE
 
Final note
Still shopping to beat tariffs? Keep this in mind.

There are a few items it may be smart to pick up before prices rise, but experts told us to be careful of the scarcity mindset: Busting your budget to save money later can lead to a nasty hangover. Especially when, as we’ve seen, current U.S. trade policy doesn’t last long.


Tony Wagner wrote and edited this newsletter. Henry Epp reported our top story on consumer reaction to tariffs.

 
Thanks for reading! If you enjoyed this newsletter, forward it to a friend. If this newsletter was forwarded to you, subscribe to Marketplace newsletters here.

 Got feedback for us? Just reply to this email. We can't get back to everyone, but we read it all.
Terms of use | Your privacy rights | Contact Us | Donate

© 2025 American Public Media Group. All rights reserved.

Terms of use | Your privacy rights | Contact Us

© 2025 American Public Media Group. All rights reserved.