Marketplace Morning Report

Episode: What happens when the government finally does the numbers
Date: November 17, 2025
Host: Sabri Benishore (in for David Brancaccio)
Length: ~8 minutes (excluding ads and promos)

Overview

This episode of the Marketplace Morning Report examines two timely economic issues: the sudden restart of crucial U.S. economic data releases after a 43-day government shutdown, and China’s overcapacity in the electric vehicle (EV) industry and its global ripple effects. Through brief interviews with economists and policy experts, listeners get insights on how missing economic indicators affect understanding of tariffs and inflation, and the challenges—and opportunities—posed by China’s state-supported expansion of EV manufacturing.

1. Key Discussion: The Government’s Economic Data Blackout and Its Aftermath

[00:55–03:04]

Government Data Shutdown and Its Impact

• Background:
  Due to a 43-day government shutdown, crucial U.S. economic reports—such as GDP, employment, import/export data—were delayed or not collected.
  • “For a month and a half, anyone trying to understand the US economy has been flying a little blind…tons of information…were not released or even collected.”
    — Sabri Benishore [00:55]

The Importance of Import Price Data

• Economic and Academic Perspective:

  • Tyler Shipper (University of St. Thomas) explains that import prices are now a focal point, especially amid ongoing tariff policies.
    • “Import prices have been one of the reports that people have been going to. And likewise that’s one of the probably top two or three reports that I am waiting to see for the backlog.”
      — Tyler Shipper [01:52]

• Tariffs and Cost Absorption:

  • Import price data from the Bureau of Labor Statistics (BLS) measures prices before tariffs, clarifying how much of the tariff cost is borne by foreign exporters versus U.S. consumers.
    • “If import prices go up…that seems to suggest that foreign exporters are not actually doing much cost sharing, that they are passing most of the prices of tariffs on to the US.”
      — Tyler Shipper [02:13]

• Inflation Concerns:

  • Ryan Monarch (Syracuse University) notes:
    • “10% of all their expenditures are on imported products. And so sometimes import prices will be something that is moving overall inflation numbers around.”
      — Ryan Monarch [02:28]

• Sector-Specific Impact:

  • Jason Miller (Michigan State University) highlights uncertainty in sectors hit by new tariffs—like metal products—because missing data obscures whether exporters have adjusted prices.
    • “We don’t have a sense yet of how that has been met by exporters…potentially lowering prices or not to help offset those things.”
      — Jason Miller [02:52]
  • Assurance that the BLS can catch up, as companies have maintained records.
    • “BLS will be able to catch up on the import price data it’s missed because companies keep records…”
      — Carla Javier [03:04]

2. Global Focus: China’s Electric Vehicle Glut and Worldwide Implications

[04:59–08:27]

The Scale and Causes of China's EV Oversupply

• China’s Investments:
  The Chinese government has supported its EV industry since 2009, investing over $200 billion and creating the world’s largest EV market.

  • “China continues to support its EV industry…has poured more than $200 billion into the sector since 2009…”
    — Sabri Benishore [04:59]

• Industry Glut:

  • Hilaria Mazzocco (Center for Strategic and International Studies) describes the oversupply and intense competition.
    • “It’s become much larger than anybody expected…There’s been a price war that’s gone on now for years and some companies aren’t even making profits.”
      — Hilaria Mazzocco [05:54]

• Reasons for Rapid Ascendancy:

  • Government support, innovative battery companies like BYD, maturation of technology, and limited early competition drove growth.
    • “A combination of different factors…comprehensive support…really entrepreneurial companies…”
      — Hilaria Mazzocco [06:35]

Lessons for the U.S. & Global Spillover

• Industrial Policy Takeaways:

  • The Chinese experience suggests the value of building a comprehensive manufacturing and education ecosystem.
    • “It’s important to have an ecosystem…having more training, educational, investment. All those things…”
      — Hilaria Mazzocco [07:21]

• Implications for U.S. Consumers & Global Trade:

  • Critical minerals, battery machinery, and intellectual property are still largely controlled by China, placing the U.S. and others at a disadvantage.
    • “It’s not necessarily just the car, but it’s also…what about the machinery…what about the IP…how much of that can be Chinese? The rest of the world…the answer is a lot more of it can be Chinese than the US…”
      — Hilaria Mazzocco [07:51]

3. Memorable Quotes & Moments

On Economic Blindness During the Shutdown

• “Anyone trying to understand the US economy has been flying a little blind.”
  — Sabri Benishore [00:55]

On Tariff Pass-Through

• “Foreign exporters are not actually doing much cost sharing, that they are passing most of the prices of tariffs on to the US.”
  — Tyler Shipper [02:13]

On the Unseen Ripple Effects

• "We don’t have a sense yet of how that has been met by exporters…to help offset those things."
  — Jason Miller [02:52]

On China’s Industrial Policy

• “It’s important to have an ecosystem…All those things can all be really helpful.”
  — Hilaria Mazzocco [07:21]

4. Detailed Timestamps of Notable Segments

• 00:55–03:04: Data blackout and its significance for understanding tariffs and inflation
• 04:59–08:27: China’s EV glut, causes, and impacts for the US and global markets

Conclusion

This episode succinctly highlights both the fragility of economic intelligence in the face of government dysfunction and the global interconnectedness of industrial policy, using the contemporary cases of U.S. trade data and China’s electric vehicle market. It provides listeners with a window into the complexities of understanding economic health during a data blackout and offers perspective on how China’s aggressive industrial strategies may shape the electric vehicle market worldwide.

For more details on any segment, listen between 00:55 and 08:27.