Marketplace Morning Report

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

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.

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• The Federal Reserve, as it prepares for its December meeting, will be relying on outdated September data.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.

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]

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

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.

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.