Appeals court allows Trump's tariffs to continue for now
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We need a tariff index, like a stock index. Given import duties one day, ruled illegal the next, then put on hold, we will update you. I'm David Brancaccio in New York. Wednesday began with President Trump sweeping April 2nd tariffs on track. By late in the day, those import taxes were ruled illegal. Here on this Friday, that ruling is on hold with tariffs on. Marketplaces Henry Epp is following the legal hockey game here. Henry, where's the puck this morning?

Well, so it's important to note that the latest move is temporary. The appeals court has stayed the trade courts ruling, and that means Trump's tariffs are still in effect for now. But only while the appeals court considers arguments in the case from the companies and states that sued over these tariffs and from the administration itself. The plaintiffs have until June 5th to file a motion. The government has until June 9th.

And so the tariffs on imports from most countries across the globe are still active until the court receives those filings. And we should know fairly soon after that whether or not they stay in place while this works its way through the courts. Ultimately, the case could land at the Supreme Court. Now, the president and his team see tariffs as intrinsically good, but also as a tool to force trade concessions from partners, other countries. How do these legal challenges and rulings affect negotiations?

Well, Treasury Secretary Scott Besson told Fox News yesterday that the court rulings haven't changed the approach of other countries and that they're still, quote, coming to us in good faith to try to reach deals before the administration's 90-day pause on higher tariffs ends in July.

But if it loses that leverage through the courts, the administration does have other ways it could impose tariffs on certain countries, though they may take more time to implement. Besant did say that talks between the U.S. and China are a bit stalled, and he suggested that to get those talks to move forward, President Trump and Chinese President Xi Jinping may need to speak with each other. They haven't spoken since shortly before Trump was inaugurated back in January.

All right. A bit stalled. Tariff toing and froing markets S&P and Nasdaq futures are both down a tenth percent.

New Federal Reserve data find more parents are struggling financially than just a few years ago. It's part of the Fed's latest Economic Well-Being of U.S. Household survey. Just 65 percent of parents with kids under 18 say they're, quote, doing OK financially or living comfortably. Now, that's down 10 percentage points since 2021, a COVID year. Among adults who don't have kids, 76 percent say they're doing OK financially. Marketplace's Samantha Fields looked into this.

Life has gotten a lot more expensive since 2021. Michelle Holder at John Jay College at the City University of New York says everyone's been feeling it, but... Any sort of expense that you encounter for your household just gets bigger when you have children in that household. I mean, you pay more for food, you pay more for clothing, you are likely going to pay at some point for child care.

The financial struggles many parents face predate the pandemic and inflation, says Suzanne Kahn at the Roosevelt Institute. They've been building for a really long time because they're rooted in structural issues. Namely, a lack of affordable child care and paid family and sick leave. But in the last few years... Child care and housing costs are through the roof. Child care costs almost 30 percent more now than it did pre-pandemic.

Families are having to make really hard choices about whether and how much caregivers participate in the paid workforce and how much they are at home. And that's not good for the economy. If there are workers who would like to be in the workforce, but who have to stay home instead because they can't afford child care. I'm Samantha Fields for Marketplace.

The Justice Department is making it official, moving to end its prosecution of Boeing in a criminal fraud case involving two crashes of 737 MAX jets that required different training to fly. There's a deal in the works for Boeing to pay $1.1 billion in fines and compensation to families of 346 people who died.

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That's ga.co slash AI Academy. Now to the demographics of summer travel as we head into June. Half of all travelers will be from households making $100,000 a year or more. Just two years ago, just over a third of travelers made $100,000 or more, implying lower income people are traveling much less. This is from a survey from Deloitte. Marketplace's Kristen Schwab has that.

Even with all the economic uncertainty, Aixa Diaz at AAA says Americans are still planning on traveling this summer. Many of them are just doing it a bit differently. They're just packing up the car and maybe heading to a beach a couple hours away. Or maybe they're going to the theme parks. And maybe they're staying with family and friends to save money along the way.

It's worth noting that AAA defines travel as any excursion at least 50 miles from home, which includes shorter trips by car. The shift to local tourism is making the airline industry nervous, says Brian Terry, managing director of global aviation at Deloitte.

Airlines have pared back their capacity for this summer and into the fall. Paired back on average by about 5%. To make up for the revenue gap, they're focusing on top-tier travelers who are more likely to make upgrades and are still long-haul traveling. We are seeing a slight pullback in demand for Europe and a slight increase in demand for the Asia-Pacific area.

That shift might have something to do with a weaker dollar and the idea that a vacation budget can stretch further in Asia.

Meanwhile, Henry Hardevelt, a travel industry analyst at Atmosphere Research Group, says the tourism industry in the U.S. isn't just worried about Americans' vacation plans. Businesses are worried about international travelers. There certainly is more hesitancy for a variety of different reasons. Some of it's political. Some of it's related to trade. Some of it, he says, is related to how foreigners feel they may be treated in the U.S.,

Hartevelt says in general, travel booking numbers can be a sort of proxy for how consumers feel about the economy and where it's heading. Generally, most people are making their travel reservations in advance. For summer, it could be two or even three months or more in advance. It means most people have to feel secure enough with their jobs and savings to book a big trip. I'm Kristen Schwab for Marketplace.

Our digital producers, Dylan Mietten and our engineers are Brian Allison and J.C. Bold. In New York, I'm David Brancaccio. It's Marketplace Morning Report from APM, American Public Media.

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