Checking in with American exporters and Chinese buyers

Summary

Marketplace Morning Report

Episode: Checking in with American Exporters and Chinese Buyers
Date: November 17, 2025
Host: Sabri Benishore (in for David Brancaccio)

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Overview

This episode delves into the impact of the recent U.S. government shutdown on economic data reporting, analyzes the ongoing ethics scrutiny at the Federal Reserve, highlights the financial pressures facing American families, and offers an in-depth look at the evolving dynamics of U.S.-China trade—particularly for American agricultural exporters and their Chinese buyers.

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Key Discussion Points & Insights

1. Government Shutdown Disrupts Economic Data

Segment: [00:55–03:03]

• Sabri Benishore discusses with Julia Coronado (founder and president of Macro Policy Perspectives, University of Texas–Austin) the complications arising from missing federal economic data.
• Economists and policymakers lack critical updates on indicators like unemployment, inflation, and consumer spending due to the shutdown.
• The September employment report is expected soon; retail sales and the remainder of inflation data may arrive before Thanksgiving, but uncertainty persists.
• The Federal Reserve, as it prepares for its December meeting, will be relying on outdated September data. October and November data will likely remain incomplete, impeding timely decision-making.

Quote:

• Julia Coronado: “They’re really going to be working with a limited set of information.” [01:56]
• “Of all times for there to be not enough data... This moment... seems to be like the worst possible moment.” – Sabri Benishore, [02:21]

2. Federal Reserve Official Violates Ethics Rules

Segment: [03:04–04:20]

• Nancy Marshall Genser reports on the Office of Government Ethics’ finding that former Fed Governor Adriana Kugler traded stocks during prohibited blackout periods around monetary policy meetings.
• Trades were reportedly made by Kugler’s husband, allegedly without her knowledge.
• The Fed has tightened its own ethics rules and, in a parallel, Atlanta Fed President Raphael Bostic also revealed inadvertent violations attributed to investment managers.

Quote:

• “Fed officials aren’t supposed to own individual stocks at all, and any financial transactions are prohibited during the blackout period.” – Nancy Marshall Genser [03:44]
• “A note in the report says Kugler’s husband made those trades without her knowledge and he didn’t mean to violate any rules.” – Nancy Marshall Genser [03:31]

3. Rising Utility Bill Delinquencies in the U.S.

Segment: [04:20–04:50]

• New analysis by the Century Foundation shows a 9.7% rise in the number of Americans falling behind on their utility bills compared to last year.
• This brief note underscores growing financial stress among Americans.

4. Thawing U.S.-China Trade: American Exporters & Chinese Buyers

Segment: [06:15–08:47]

• Jennifer Pack, Marketplace’s China correspondent, visits the China Import Expo in Shanghai for perspectives from American agricultural exporters and Chinese buyers.

American Exporters’ Position

• Ginseng: Despite a 32.5% Chinese tariff, demand remains strong, though prices have slipped.

  • Robert Kaldansky (Ginseng Board of Wisconsin): “The market’s there, the consumer wants it. So what it’s done is lower the price in our end a little bit because of the tariffs. That would catch the brunt of that.” [06:51]

• Almonds: Fierce competition from Australia (which faces zero tariffs thanks to a free-trade deal) has squeezed U.S. almond exports, which were subjected to a 25% retaliatory tariff until recently.

  • Keith Schneller (Almond Board of California): “China has a free trade deal with Australia, so their tariff is zero. ... We’ve been at 25% percent until this past year.” [07:17]

• Soybeans: Even after recent tariff reductions, U.S. soybeans are charged a 13% tariff, compared to 3% for other origins (e.g., Brazil).

  • Carlos Salinas (US Soybean Export Council): “US soybeans today at a 13% [tariff] versus other origins at 3%, though he’s confident ... China will find a way so that it makes economic sense... to purchase the agreed upon amount of U.S. soybeans.” [07:47]

Quote:

• Carlos Salinas: “I think that we can trust the presidents have come to an agreement to meet those obligations. So it will happen. We just have to be patient to give it a little bit of time for the bureaucratic processes to take place.” [08:01]

The Chinese Buyer Perspective

• Interest in American products like ginseng skin care persists despite tariffs.

  • Chen Lin, Chinese buyer: “I haven’t seen such a product before in China. It could have big potential here. Many Chinese are still willing to spend.” [08:20]

• Ginseng seller Shannon Su remains cautiously optimistic: “Don’t reach a deal either better than now, or at least keep the level.” [08:40]

• There is broad consensus that a breakdown in U.S.-China relations would harm both economies.

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Notable Quotes & Memorable Moments

• Julia Coronado: "It is a very bad time to be... I wouldn’t say flying blind. There is a lot of private sector data that is available, and it does sort of give us conflicting signals. The labor market still looks very weak. Inflation is uncomfortably high." [02:33]
• Robert Kaldansky: "The market’s there, the consumer wants it. So what it’s done is lower the price in our end a little bit because of the tariffs." [06:51]
• Keith Schneller: "China has a free trade deal with Australia, so their tariff is zero... We’ve been at 25% percent until this past year." [07:17]
• Carlos Salinas: "I think that we can trust the presidents have come to an agreement to meet those obligations. So it will happen. We just have to be patient..." [08:01]
• Shannon Su: "At this point, if US-China relations get worse, she says, it'll hurt both sides." [08:47]

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Timestamps for Key Segments

• 00:55 – Government data reporting delays due to shutdown
• 01:31 – What economic data is (and is not) expected soon
• 03:04 – Fed ethics report: Adriana Kugler's resignation
• 04:20 – Rising past-due utility bills
• 06:15 – U.S.-China agricultural trade discussion
• 06:45 – Ginseng export insight, tariff impact
• 07:04 – Almond export struggles, competition with Australia
• 07:31 – U.S. soybean tariffs vs. Brazil
• 08:12 – Chinese buyer and ginseng skin care
• 08:31 – Prospects for a broader U.S.-China deal

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Tone & Delivery

This episode maintains Marketplace’s signature tone: concise, informative, accessible, and nuanced—providing listeners with both data-driven analysis and on-the-ground voices from trade shows and academic experts.

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Summary:
This episode blends updates on delayed economic data and ethics in the central bank with a unique snapshot of U.S.-China trade talks, revealing cautious optimism among American exporters banking on a limited trade truce. The persistent effects of tariffs, competitive disadvantages, and buyer sentiment in China all highlight the fragile but hopeful landscape for American agricultural products in the global market.

Transcript

[Marketplace Host]

This Marketplace podcast is supported by Wealth Enhancement, who ask do you have a blueprint for your money? Wealth Enhancement can help you build the right blueprint for investing, retirement, tax, and more. With offices nationwide, there's an advisor who's ready to listen and craft a blueprint for your future. Find out [e-mail] Build.

[Odoo Sponsor]

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[Sabri Benishore]

Government data is Healing from Marketplace. I'm Sabri Benishore in for David Brancaccio. You want to know what the unemployment rate was in October, or inflation or consumer spending. So do economists all over the country. We don't know because we didn't get that data because the government was shut down. Now that things are reopening, some numbers should start flowing soon. Others will flow never. Julia Coronado is founder and president of Macro Policy Perspectives and a professor at the University of Texas, Austin. Hi Julia. So remind us what data we are getting and what data we are not.

[Julia Coronado]

We'll get the employment report on Thursday for September. Then we might get retail sales and the rest of the inflation data. Maybe ahead of Thanksgiving. We're still waiting for the schedule. BLS is busy trying to put the pieces back together.

[Sabri Benishore]

So the Federal Reserve, when it meets to determine what should it do with the country's interest rates and monetary policy, which that meeting is happening December. It's still going to be working with September data.

[Julia Coronado]

That's probably the case. It is going to take time to make decisions about how to handle the October data. A lot of it wasn't collected. And then of course, how do you manage the November data? So it's probably not going to be by the December Fed meeting that we will have even October data, let alone data for November. So they're really going to be working with a limited set of information.

[Sabri Benishore]

I mean, of all times for there to be not enough data. This moment where the economy is under ongoing grand transition seems to be like the worst possible moment.

[Julia Coronado]

It is a very bad time to be. I wouldn't say flying blind. There is a lot of private sector data that is available and it does sort of give us conflicting signals. The labor market still looks very weak. Inflation is uncomfortably high. That leaves the Fed actually more Fed officials have been sounding like they might want to wait and kick it to January when hopefully we'll have caught up and have a better picture.

[Sabri Benishore]

Julia Coronado is founder and president of Macro Policy Perspectives. Thank you so much.

[Julia Coronado]

My pleasure.

[Sabri Benishore]

The U.S. office of Government Ethics released a report over the weekend that says a former top Fed official violated the central bank's rules on stock trading. The official, Fed Governor Adriana Kugler, resigned abruptly in August. Marketplace's Nancy Marshall Genser has the details.

[Nancy Marshall Genser]

The U.S. office of Government Ethics reports says Adriana Kugler traded stocks during the roughly 10 day blackout periods around Fed meetings on interest. The report shows that Kugler bought stock in Cava and Southwest Airlines during blackout periods. A note in the report says Kugler's husband made those trades without her knowledge and he didn't mean to violate any rules. The Federal Reserve strengthened its prohibitions on stock trading in 2022. Fed officials aren't supposed to own individual stocks at all, and any financial transactions are prohibited during the blackout period. Earlier in 2022, Atlanta Fed President Rafael Bostic acknowledged that some investments had inadvertently violated the central bank's ethics rules. Bostic said he wasn't aware of the trades and they were made by his investment managers. Bostic announced last week that he'll retire at the end of his current term in February of next year. I'm Nancy Marshall Genser for Marketplace.

[Sabri Benishore]

More people in the US Are falling behind on their utility bills. According to analysis from the left leaning Century foundation, the number of past due balances jumped 9.7% in the second quarter compared to the same time last year.

[Marketplace Host]

This Marketplace podcast is supported by Wealth Enhancement, who ask, do you have a blueprint for your money? Wealth Enhancement can help you build the right blueprint for investing, retirement, tax and more. With offices nationwide, there's an advisor who's ready to listen and craft a blueprint for your future. Find out [e-mail] Build this Marketplace podcast.

[Superhuman Sponsor]

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[Sabri Benishore]

Has said it would once again buy US soybeans and agricultural products as part of the two countries thawing trade war. Our China correspondent Jennifer Pack checked in with some American exporters and Chinese buyers at a recent trade show in Shanghai.

[Jennifer Pack]

American producers are somewhat upbeat at the annual China Import Expo. China agreed after the leaders meeting last month to drop some retaliatory tariffs on U.S. agricultural products, though not all, says Robert Kaldansky with the Ginseng Board of Wisconsin.

[Sabri Benishore]

The tariff as it stands today is 32 1/2% on Wisconsin ginseng.

[Jennifer Pack]

Business for ginseng is still good, he says, despite the Chinese counter tariffs.

[Sabri Benishore]

The market's there, the consumer wants it. So what it's done is lower the price in our end a little bit because of the tariffs. That would catch the brunt of that.

[Jennifer Pack]

You'll find almond producers here at the Import expo, too. US Almonds are much harder to sell to China now. Australia is the biggest competitor, says the Almond Board of California's Keith Schneller. China has a free trade deal with.

[Sabri Benishore]

Australia, so their tariff is zero. And then in the past few years with the retaliatory tariffs, we've been at 25% percent until this past year.

[Jennifer Pack]

Then President Donald Trump imposed more tariffs. China countered.

[Sabri Benishore]

So our exports to China started to.

[Jennifer Pack]

Kind of come off same for exports of U.S. soybeans. Even with the recent tariff cut, American soybeans still cost more than, say, Brazil's Carlos Salinas is here at the trade show. He's with the US Soybean Export Council.

[Sabri Benishore]

So US soybeans today at a 13% versus other origins at 3%, though he.

[Jennifer Pack]

Says he's confident that China will find a way so that it makes economic sense for Chinese buyers to purchase the agreed upon amount of U.S. soybeans.

[Sabri Benishore]

I think that we can trust the presidents have come to an agreement to meet those obligations. So it will happen. We just have to be patient to give it a little bit of time for the bureaucratic processes to take place.

[Jennifer Pack]

Tariffs did not stop Chinese buyer Chen Lin from checking out a US Ginseng skin care line.

[Sabri Benishore]

I haven't seen such a product before in China. It could have big potential here. Many Chinese are still willing to spend.

[Jennifer Pack]

Now there's a U S China trade truce that suspends the highest tariffs for a year. And at the end, ginseng seller Shannon Su expects a deal.

[Sabri Benishore]

Don't reach a deal either better than now, or at least keep the level.

[Jennifer Pack]

At this point, if US China relations get worse, she says, it'll hurt both sides. In Shanghai, I'm Jennifer Paak for Marketplace.

[Sabri Benishore]

And in New York, I'm Saree Benishore with the Marketplace Morning Report from APM American Public Media.

[Amy Scott]

Imagine a future where chocolate and coffee are rare and expensive, where cheap nutritional stuff, staples like corn and wheat are threatened. Sounds unpleasant, doesn't it? Well, we could be heading there if we don't recognize that the climate crisis is also a food crisis.

[Sabri Benishore]

I've seen yields drop because of drought, and believe me, boy, have I seen them drop. We have had dry spells that have lasted years.

[Amy Scott]

I'm Amy Scott. This season on How We Survive. We investigate how the climate crisis is threatening our most vital food systems and how scientists are racing to develop alternatives that will shape the future of food. Listen to this season of How We Survive on your favorite podcast. Applause.