It was a packed week for the US economy: jobs numbers, an interest rate announcement from Federal Reserve Chair Jerome Powell, consumer confidence data and a tariff deadline. Topping the list was gross domestic product, the sum total of goods and services the economy produces—generally considered the measure of growth. After months of tariffs (and Donald Trump’s constantly shifting positions on them), many economists were predicting the US economy would be showing signs of strain. It turns out, that wasn’t necessarily the case when it comes to GDP (though jobs numbers unveiled Friday may give some pause). After falling a bit during the first few months of the year, this quarter, economic growth clocked in at a 3% annualized rate.

But there’s more to this number than meets the eye—or perhaps less. This week on Everybody’s Business, we talk GDP with Ken Rogoff, Harvard economist and author of Our Dollar, Your Problem. His take: the numbers may have been distorted by some of the panicked importing that US businesses were doing earlier in the year in anticipation of Trump’s latest (and now extended again) deadlines. However, he also leans into some chess metaphors (he is, after all, a grandmaster) to address those Trump fans who contend the president is playing four dimensional chess. His verdict? Trump is a “coffee house player.” That’s someone who’s better than you think—but not as good as he himself thinks.

Later in the show, we talk with Evan Ratliff about his feature in Bloomberg Businessweek, detailing how workers in North Korea are taking US tech jobs while posing as remote-working Americans. They’ve allegedly managed to infiltrate some of the biggest and wealthiest companies in the country—and their paychecks go to fund North Korea’s nuclear program. 

Finally,  the underrated story of the week is a canned spirit drink was mislabeled as an energy drink. 

It was a packed week for the US economy: jobs numbers, an interest rate announcement from Federal Reserve Chair Jerome Powell, consumer confidence data&nbsp;and a tariff deadline. Topping the list was gross domestic product, the sum total of goods and services the economy produces&mdash;generally considered the measure of growth. After months of tariffs (and Donald Trump&rsquo;s constantly shifting positions on them), many economists were predicting the US economy would be showing signs of strain. It turns out, that wasn&rsquo;t necessarily the case when it comes to GDP (though jobs numbers unveiled Friday <a href="bbg://news/stories/T0BCJAGPWCNZ" data-web-url="https://www.bloomberg.com/news/live-blog/2025-08-01/us-employment-report-for-july?sref=fSOf3OlP" data-cke-saved-href="bbg://news/stories/T0BCJAGPWCNZ">may give some pause</a>). After falling a bit during the first few months of the year, this quarter, economic growth clocked in at a <a href="bbg://news/stories/T07TR7GPWCSJ" data-web-url="https://www.bloomberg.com/news/articles/2025-07-30/us-economy-rebounds-with-3-gdp-growth-after-trade-reversal" data-cke-saved-href="bbg://news/stories/T07TR7GPWCSJ">3%</a> annualized rate.
But there&rsquo;s more to this number than meets the eye&mdash;or perhaps less. This week on <a href="https://www.bloomberg.com/podcasts/series/everybodys-business" data-cke-saved-href="https://www.bloomberg.com/podcasts/series/everybodys-business">Everybody&rsquo;s Business</a>, we talk GDP with Ken Rogoff, Harvard economist and author of <a href="https://www.amazon.com/Our-Dollar-Your-Problem-Turbulent/dp/0300275315" data-cke-saved-href="https://www.amazon.com/Our-Dollar-Your-Problem-Turbulent/dp/0300275315">Our Dollar, Your Problem</a>. His take: the numbers may have been distorted by some of the panicked importing that US businesses were doing earlier in the year in anticipation of Trump&rsquo;s latest (<a href="bbg://news/stories/T0AO4OGQ1YR2" data-web-url="https://www.bloomberg.com/news/articles/2025-08-01/us-announces-reciprocal-tariff-rates-on-trading-partners?sref=fSOf3OlP" data-cke-saved-href="bbg://news/stories/T0AO4OGQ1YR2">and now extended again</a>) deadlines. However, he also leans into some chess metaphors (he is, after all, a grandmaster) to address those Trump fans who contend the president is playing four dimensional chess. His verdict? Trump is a &ldquo;coffee house player.&rdquo; That&rsquo;s someone who&rsquo;s better than you think&mdash;but not as good as he himself thinks.
Later in the show, we talk with <a href="bbg://news/stories/SZX4JKGQ1YTM" data-web-url="https://www.bloomberg.com/news/features/2025-07-24/north-korea-infiltrated-america-by-taking-remote-us-it-jobs?srnd=undefined" data-cke-saved-href="bbg://news/stories/SZX4JKGQ1YTM">Evan Ratliff</a> about his feature in&nbsp;Bloomberg Businessweek, detailing how workers in North Korea are taking US tech jobs while posing as remote-working Americans. They&rsquo;ve allegedly managed to infiltrate some of the biggest and wealthiest companies in the country&mdash;and their paychecks go to fund North Korea&rsquo;s nuclear program.&nbsp;
Finally,&nbsp;&nbsp;the underrated story of the week is a canned spirit drink was mislabeled as an energy drink.&nbsp;

Bloomberg Businessweek brings you a smart and fun chat show about all things...business. Hosted by award-winning business and economics journalists Max Chafkin (author of The Contrarian: Peter Thiel and Silicon Valley’s Pursuit of Power) and Stacey Vanek Smith (former co-host of NPR’s Planet Money and reporter for Marketplace), Everybody's Business is powered by the unparalleled sources and reporters who bring you Businessweek magazine’s headlines and the stories behind them. The show gives listeners a window into the discussions happening in boardrooms, Zooms and group chats in power centers around the world. From interpreting Fed meetings to the business of wolf cloning, each week Max, Stacey and their friends at Bloomberg Businessweek guide listeners through what really went on during the last week from Wall Street and Main Street. Because what’s happening with money and markets is everybody’s business.

Bloomberg Businessweek brings you a smart and fun chat show about all things...business. Hosted by award-winning business and economics journalists Max Chafkin (author of The Contrarian: Peter Thiel and Silicon Valley&rsquo;s Pursuit of Power) and Stacey Vanek Smith (former co-host of NPR&rsquo;s Planet Money and reporter for Marketplace), Everybody's Business is powered by the unparalleled sources and reporters who bring you Businessweek magazine&rsquo;s headlines and the stories behind them. The show gives listeners a window into the discussions happening in boardrooms, Zooms and group chats in power centers around the world. From interpreting Fed meetings to the business of wolf cloning, each week Max, Stacey and their friends at Bloomberg Businessweek guide listeners through what really went on during the last week from Wall Street and Main Street. Because what&rsquo;s happening with money and markets is everybody&rsquo;s business.

Everybody's Business

Trump's 4D Chess, Your North Korean Coworker, and Hard Celsius

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/b7ea6bac-499a-4827-9877-b32b015e8ee6/transcript

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