President Trump’s so-called reciprocal tariffs have pushed the average US tariff rate to 15%, up from just over 2% last year. But who’s actually footing the bill so far?

On today’s Big Take podcast, Bloomberg Businessweek’s “Everybody’s Business” host Stacey Vanek Smith takes Sarah Holder through Tariff 101: How is that money being collected and where is it going?

Read more: It’s Only a Matter of Time Until Americans Pay for Trump’s Tariffs

President Trump&rsquo;s so-called reciprocal tariffs have pushed the average US tariff rate to 15%, up from just over 2% last year. But who&rsquo;s actually footing the bill so far?
On today&rsquo;s Big Take podcast, Bloomberg Businessweek&rsquo;s <a href="https://link.podtrac.com/eck2usv5">&ldquo;Everybody&rsquo;s Business&rdquo;</a> host Stacey Vanek Smith takes Sarah Holder through Tariff 101: How is that money being collected and where is it going?
Read more: <a href="https://www.bloomberg.com/news/articles/2025-08-07/trump-s-tariffs-will-find-their-way-to-us-consumers-in-the-end?srnd=undefined">It&rsquo;s Only a Matter of Time Until Americans Pay for Trump&rsquo;s Tariffs</a>

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Big Take

Who’s Really Paying for Tariffs? Hint: It’s Not Foreign Companies

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/39883616-f4e7-45cf-bc20-b33601580595/transcript

China rattled neighbors from Japan to Australia on Monday by test-launching a long-range ballistic missile from a nuclear submarine in the Pacific Ocean. While such launches are rare, the latest test reflects Beijing’s increasing openness about its growing military strength.

On today’s Big Take Asia podcast, Rebecca Choong Wilkins, who covers Asian government and politics, joins host K. Oanh Ha to discuss the surprise launch, China’s expanding arsenal and what they reveal about Beijing’s military aspirations for 2027 and beyond.

Read more: 
China’s ICBM Tests Point to New Normal Rattling the Pacific
China Holds Rare Test of Sub-Launched Missile in Pacific Ocean
China’s Secretive Missile Program Is Making Dozens of Companies Rich

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by K. Oanh Ha; Produced by Naomi Ng and Rachael Lewis-Krisky; Reported by Rebecca Choong Wilkins; Edited by Jeffrey Grocott, John Liu and Julia Weaver;

Fact-checking by Julia Press, David Fox and Yang Yang; Engineering by Taka Yasuzawa and Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

China rattled neighbors from Japan to Australia on Monday by test-launching a long-range ballistic missile from a nuclear submarine in the Pacific Ocean. While such launches are rare, the latest test reflects Beijing&rsquo;s increasing openness about its growing military strength.
On today&rsquo;s Big Take Asia podcast, Rebecca Choong Wilkins, who covers Asian government and politics, joins host K. Oanh Ha to discuss the surprise launch, China&rsquo;s expanding arsenal and what they reveal about Beijing&rsquo;s military aspirations for 2027 and beyond.
Read more:&nbsp;
<ul>
<li aria-level="1"><a href="https://www.bloomberg.com/news/articles/2026-07-07/china-s-icbm-tests-point-to-new-normal-rattling-the-pacific?srnd=phx-politics">China&rsquo;s ICBM Tests Point to New Normal Rattling the Pacific</a></li>
<li aria-level="1"><a href="https://www.bloomberg.com/news/articles/2026-07-06/china-holds-rare-test-of-sub-launched-missile-in-pacific-ocean">China Holds Rare Test of Sub-Launched Missile in Pacific Ocean</a></li>
<li aria-level="1"><a href="https://www.bloomberg.com/graphics/2026-china-missiles-military-ambitions/">China&rsquo;s Secretive Missile Program Is Making Dozens of Companies Rich</a></li>
</ul>
We have a special Bloomberg subscription offer for podcast listeners at&nbsp;<a href="https://www.bloomberg.com/subscriptions/podcasts">Bloomberg.com/podcastoffer.</a>
Hosted by K. Oanh Ha; Produced by Naomi Ng and Rachael Lewis-Krisky; Reported by Rebecca Choong Wilkins; Edited by Jeffrey Grocott, John Liu and Julia Weaver;
Fact-checking by Julia Press, David Fox and Yang Yang; Engineering by Taka Yasuzawa and Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

Why China Is Flashing Its Military Muscle

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/5c74539b-8e2f-4363-8763-b48001455c72/transcript

Two opaque corners of finance have joined forces: shadow banking and phantom debt. Put another way, private credit firms are backing Buy-Now-Pay-Later companies to finance their expansion into the US consumer market.

On today’s Big Take podcast, guest host Stacey Vanek Smith joins Bloomberg reporters J.J. McCorvey and René Ismail to discuss what private credit’s involvement in BNPL means for everyday borrowers, why it’s raising concerns and whether the risks hiding in these spaces could spill over into the rest of the economy. 

Read more: Private Credit Is Making Bets on Consumer Debt at a Precarious Time


Hosted by Stacey Vanek Smith; Produced by David Fox; Reported by J.J. McCorvey and René Ismail; Edited by Naomi Shavin.

Fact-checking by Julia Press and Laura Newcombe; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

Two opaque corners of finance have joined forces: shadow banking and phantom debt. Put another way, private credit firms are backing Buy-Now-Pay-Later companies to finance their expansion into the US consumer market.
On today&rsquo;s Big Take podcast, guest host Stacey Vanek Smith joins Bloomberg reporters J.J. McCorvey and Ren&eacute; Ismail to discuss what private credit&rsquo;s involvement in BNPL means for everyday borrowers, why it&rsquo;s raising concerns and whether the risks hiding in these spaces could spill over into the rest of the economy.&nbsp;
Read more:&nbsp;<a href="https://www.bloomberg.com/news/features/2026-06-28/private-credit-is-fueling-buy-now-pay-later-growth-despite-risk-fears?srnd=undefined">Private Credit Is Making Bets on Consumer Debt at a Precarious Time </a>
Hosted by Stacey Vanek Smith; Produced by David Fox; Reported by J.J. McCorvey and Ren&eacute; Ismail; Edited by Naomi Shavin.
Fact-checking by Julia Press and Laura Newcombe; Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

Private Credit’s New Obsession: Buy Now, Pay Later

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/da81ac68-d9f8-4ce2-ac2b-b47f0169bf19/transcript

For America’s 250th anniversary and our Weekend Listen, the Pulitzer Prize-winning historian Jill Lepore joins Mishal Husain to take her through her book on the US Constitution.

We The People explores how the Constitution came about and, crucially, how there was an expectation that it would likely change over time. 

This is not, however, an episode entirely set in the past, because Jill Lepore is acutely alive to the pressures of the moment and of the contested sense of what America is or should be.

Contact The Mishal Husain Show mishalshow@bloomberg.net

Subscribe today on Apple Podcasts and Spotify.

For America&rsquo;s 250th anniversary and our Weekend Listen, the Pulitzer Prize-winning historian Jill Lepore joins Mishal Husain to take her through her book on the US Constitution. We The People explores how the Constitution came about and, crucially, how there was an expectation that it would likely change over time.&nbsp; This is not, however, an episode entirely set in the past, because Jill Lepore is acutely alive to the pressures of the moment and of the contested sense of what America is or should be. Contact The Mishal Husain Show mishalshow@bloomberg.net
Subscribe today on Apple Podcasts and Spotify.

Weekend Listen: America in Free Fall? Historian Jill Lepore on the US at 250 

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/48c4dbbf-021b-4271-8e83-b47b01599ed7/transcript

Who’s Really Paying for Tariffs? Hint: It’s Not Foreign Companies

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