Chapter 1: What is the main topic discussed in this episode?
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¿Quieres mejor internet? Cox Internet de 300 megas tiene las velocidades rápidas y confiables que buscas. Perfecto para streaming y gaming y trabajar desde casa. Todo por solo $45 al mes cuando agregas Cox Mobile. Incluye equipo de Wi-Fi y garantía de precio de dos años en tu plan. No esperes. Cámbiate hoy a Cox. Requiere Cox Mobile Gig Unlimited.
Garantía de precio no incluye impuestos y cargos. Velocidad de datos móviles se reduce después de 20 gigas al mes. On the program today, the quickly developing Trump economy, where and how to rebuild after wildfire, and then rocks, just a bunch of rocks. From American public media, this is Marketplace. In Los Angeles, I'm Kyle Rizdahl. It is Tuesday, today the 21st of January.
Good as always to have you along, everybody. The first of the changes that President Trump is going to be bringing to this economy were revealed last night. We're going to talk about energy later on in the program. We're still waiting on his promised immigration crackdowns. That is a labor story, remember. And the first slice of tariffs seems to be on track for February the 1st.
In the Oval Office last night, the president said he's looking at 25 percent import taxes on Canada and Mexico, which are not for nothing. this country's two biggest trading partners. Countless categories of goods cross our mutual borders. But tariffs would spell particular trouble for one very important industry that is spread across all three countries.
Marketplace's Sabri Beneshour starts us off. We trade all kinds of things with Canada and Mexico. Milk, timber, meat, minerals. But the biggest out of all of them is cars and their parts. James Rubenstein is professor emeritus of geography at Miami University. One third of the engines that are put in our, still in our gas cars, cross one of the borders.
The automotive supply chain is draped across the three countries like a cluster of spider webs. For electric cars, too, take the Tesla Model 3. Technically, it's 100% assembled in the U.S. But the Model 3 has 20% of its content from Mexico. Jonathan Smoke is chief economist at Cox Automotive.
No vehicle that's assembled in the U.S. has more than 70% of its content coming from the U.S.,
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Chapter 2: What executive orders did President Trump sign on his first day back in office?
In the last 25 years, Europe has relied on the rising tide of global trade to drive its growth. It has relied on cheap energy from Russia. And Europe has too often outsourced its own security. But those days are gone. And that was not all. The cooperative world order we imagined 25 years ago has not turned into reality. Instead, We have entered a new era of harsh geostrategic competition.
The competition on Wall Street today, not that harsh. Traders were just in a buy-in mood. We will have the details when we do the numbers. The streaming wars are a-changing, and that change is being driven by the OG. Netflix reported earnings today. They did fine, $10 billion in revenue October through December, 19 million new subscribers.
But this is likely to be the last time the company publicly releases that key and very proprietary piece of data. Streaming companies have to date touted how many viewers they have and how many of them they add every quarter, but no more. Marketplace's Kristen Schwab looks at what kind of data Netflix might likely brag about instead and what that says about the aforementioned streaming wars.
In one of Charlotte Howell's classes at Boston University, she gives students an assignment to reimagine streaming.
And a bunch of them are like, how do we incentivize weekly releases? They're nostalgic for a way of viewing television that they barely remember.
Turns out a lot of people want the anticipation of a date with their TV. And that's what Netflix has been leaning into as it becomes less about binge watching and more about live events. There was the roast of Tom Brady and two NFL games on Christmas Day. It's branching out into new kinds of content. Howell says it's a shift that reflects how Netflix is thinking about growth.
We are nearing or maybe have approached a a kind of a saturation point of subscribers or at least a turning point, potentially.
Netflix doesn't have a lot of room to grow subscribers. It already has more than 300 million, while Hulu, for comparison, has around 50 million. Michael Smith is a professor of information technology at Carnegie Mellon. Netflix is trying to change the conversation towards the metrics that advantage them. A few million new subscribers per quarter no longer looks impressive.
Instead, Smith thinks Netflix will focus on different data points. How much revenue are we bringing in? So that's what they want to talk about. And then the second thing they want to talk about is user engagement. Because long term, streaming profits are about how eyeballs translate into ad dollars, says Tim Hanlon, CEO of the Vertere Group.
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Chapter 3: How will a 25% tax on goods from Canada and Mexico affect American automakers?
Marketplace's Amy Scott has been talking to some people with hard-earned experience. When the Marshall Fire tore through their neighborhood in Superior, Colorado, near Boulder three years ago, Matteo Rebeschini was at home with his two kids.
Very quickly, it became dark outside, and the smoke started coming through the walls.
They were rescued by a passing police officer, but their house was destroyed. And he and his wife, Melanie Glover, had to decide what to do. At first, you are in survival mode, right?
So you're displaced, you have lost everything, you have a lot to process.
They thought about selling the lot and starting over somewhere else. But they loved the area, right next to acres of open space, but with easy access to Target and downtown. And then they found out their insurance would pay less if they didn't rebuild on the same site.
We basically knew that, you know, if you want to go back and live there, and that's what we wanted, we need to build differently, we need to build better. Glover is an avid gardener, and she'd noticed that while the fire had destroyed the big plastic planters in the yard, the dirt inside the pots was still sitting there intact.
And I was like, hmm, I need to build a house out of earth because it doesn't burn. She found a local company that makes blocks out of compressed sand and clay. As we're talking on Zoom, she shows me what looks like a brick wall behind her covered with fire resistant plaster.
So you've got two sets of these blocks. with a space in the middle. That space in the middle is filled with perlite. It doesn't catch fire.
Because the blocks are air-dried, not fired, they have a low carbon impact. The company says they also reduce the energy needed to heat and cool the home by up to 75%. The new house also has triple-pane windows and a ventless roof to prevent fire from getting inside. Sadly, there's not such thing as a fireproof house, but what we'd like to think of it as loading the dice in our favor.
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Chapter 4: What challenges does the automotive supply chain face with new tariffs?
Andrew Mitchler designs passive houses, low-energy buildings that are also fire-resilient. His firm designed several after the fire in Superior. The basic principles are making the home as airtight as possible, make the home more simple so there's less places for embers to go in. Mitchler says it can cost up to 10% more to build this way, though that's offset by the lower energy bills.
He got into building after his father lost his house to a firestorm in Oakland, California in 1991. In the aftermath, people built much bigger houses, making it easier for wildfire to spread. We've seen a lot of these fires. One big house next to another big house. It's like dominoes. One leads to another.
Michler says ideally whole communities would follow fire-resilient building practices, but every house makes a difference. We remove one or two of those dominoes, meaning that we harden dominoes. a few of those projects, that that protects their neighbors. But rethinking where and how we build is difficult in the midst of recovery, says Carolyn Kuski with Environmental Defense Fund.
And unless we do that work ahead of time, it's very hard to make those changes at the moment of rebuilding when people really just want to get back to any degree of normalcy as fast as they can.
After the Marshall Fire in Colorado, officials waived stricter building codes for fire victims so they could rebuild more quickly and affordably. I think that most people did the best job that they could. Melanie Glover's family moved into their new Earthblock home last July. And she says it feels solid, quiet, and safe in a way their previous drafty woodhouse never did.
Would it survive another fire? I don't really want to say that. But she does feel confident that if it happened again, they would be safe until they could evacuate. I'm Amy Scott for Marketplace. Coming up. So far, we've removed probably at least 100 tons of CO2 from the atmosphere. With rocks, no less. But first, let's do the numbers.
Dow Industrials up 537 points today, 1.25%, 44,025 for the blue chips. The Nasdaq rose 126.6%, 19,756. The S&P, 552 points to the good, 0.9%. 6,049. We heard from Sabri earlier about Mexico and Canada and the U.S. auto industry. Magna International, based in Ontario, Canada, supplies auto parts to General Motors, Tesla, and Ford, among others. It accelerated 1.1% today.
Indianapolis-based Allison Transmission, which makes parts for everything from emergency vehicles to school buses to tanks, charged up about 0.5% today. Chris was telling us about Netflix and not reporting subscriber data. Netflix up 1.3% during the session, 14% after hours after those numbers came out. Bonds were up. Yield on the 10-year T-note down 4.57%. You're listening to Marketplace.
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