With Trump back in D.C., business talks in South Korea continue

Summary

Marketplace Morning Report: "With Trump back in D.C., business talks in South Korea continue"

Date: October 31, 2025
Host: William Lee Adams (Marketplace/BBC World Service)
Key Contributors: Nick Marsh (Business Reporter), Megan Lawton (BBC), Nicole Gable (LHH Recruitment Solutions), Giovanna Ventola (Job Seeker), Kasia Duncan (Job Seeker)

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Episode Overview

This fast-paced segment focuses on two intertwined themes:

• The continuing economic diplomacy across Asia as the APEC Summit gets underway in South Korea, following a headline meeting between Donald Trump and Xi Jinping.
• The shifting and often brutal job market dynamics in the US, Canada, and UK, with emphasis on the costs job seekers now incur and the influence of emerging technologies like AI.

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Key Discussion Points & Insights

1. Global Economic Diplomacy and APEC Summit Developments

(01:01–03:38)

• Trump-Xi Meeting Recap:

  • Donald Trump has left D.C. after a "fairly positive" meeting with Xi Jinping in South Korea, but specifics are still in flux.
    • Nick Marsh (01:52): “The American side are saying some kind of deal might be signed as early as next week. The Chinese side have been a bit more circumspect on that...but the world seems a bit more of a peaceful place after this meeting, shall we say, from a global trade perspective at least.”
  • Core issues discussed: soybeans, fentanyl, rare earths.

• APEC Summit Context:

  • Main event is now underway with all major Asia-Pacific economies represented: US, China, South Korea (host), Japan, and the Southeast Asian bloc.
    • Nick Marsh (02:20): “It’s an agglomeration of all the Asia Pacific economies, of which the United States and China are clearly the most important.”
  • Attention on bilateral meetings and agreement signings.
  • Xi Jinping remains central, meeting with counterparts from Canada, Japan, Thailand.
    • On US tariffs: “Let’s not forget what they have in common...Donald Trump’s tariffs.” (Nick Marsh, 02:54)

• China's Regional Messaging:

  • Xi Jinping is positioning China as the region’s reliable trading partner compared to a protectionist US.
    • Nick Marsh (03:15): “It very much is an opportunity for Xi Jinping to remind countries in the region who the more stable trading partner is compared to tariff-imposing United States. Even though we've seen some kind of temporary truce between the US and China, that is a very important piece of leverage.”

2. Regional Economic Updates

(03:39–04:43)

• Japan:
  • Nikkei posts its biggest monthly gain in 30 years, up 16.6% in October.
    • William Lee Adams (03:39): “The Nikkei share average jumped 16.6% in October, finishing above 52,400. A weaker yen helped boost exports.”
• Taiwan:
  • Robust Q3 growth (7.64%), driven by AI microchip production.
• Jamaica:
  • Receives a $150 million insurance payout due to Hurricane Melissa, thanks to a catastrophe bond.

3. Job Market Pressures: Costly Searches and AI-Driven Transformation

(04:43–07:27)

• Job Market Hardships & Costs:

  • US job searches now average nearly six months; 1 in 4 job-seekers out of work over half a year.
  • Regional similarities: UK and Canada also seeing more job competition and fewer vacancies.
    • Giovanna Ventola (North Carolina, 04:49): “And at the third time, I thought there was something wrong with me, which is what really prompted me to start sharing on social media.”
    • Kasia Duncan (UK, 05:03): “Honestly, it feels disheartening because I feel like I have good credentials and I do have previous work experience. I think that really highlights that it is a tough market that so many people are struggling.”

• Rise in Paid Recruitment Services:

  • Job seekers are spending more – for platforms, premium services, application tools.
    • Kasia Duncan (05:26): “For me, it involves definitely LinkedIn Premium...then personally, I’ve got my Canva subscription...”
    • Giovanna Ventola (05:49): “I paid for job boards, career platform.” Ventola estimates a three-year spend: $6,000.
  • LinkedIn Premium subscriptions up 50% in two years.

• AI’s Impact on Hiring:

  • Employers struggle to forecast needed skills as AI upends many job roles.
    • Nicole Gable (06:21): “Very few of them can identify the skills they think they will need in five years...the company's vision is changing depending on what they can do with technology.”
  • AI skills now “a requirement” in many non-tech roles.
    • Nicole Gable (06:39): “AI skills outside of tech roles are no longer...optional. This is a requirement so that behooves all candidates to try to upskill and learn how to use these tools today.”

• Caution on Spending:

  • Job seekers are urged to do careful research and be cautious about overspending.
    • Advice from Nancy d'Onofrio (Randstad, as relayed by Megan Lawton, 07:00): “So there’s always going to be individuals who are going to take advantage of that...you really have to take it upon yourself to be thorough in your research. But investing in yourself is always a good thing.”

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Notable Quotes & Timestamps

• On US-China Trade Thaw:
  “The world seems a bit more of a peaceful place after this meeting.”
  — Nick Marsh (01:52)

• On Asian Diplomacy:
  “Xi Jinping...remind[s] countries in the region who the more stable trading partner is compared to tariff-imposing United States.”
  — Nick Marsh (03:15)

• On the Job Market’s Cost:
  “I paid for job boards, career platform… [I] spent $6,000 over the past three years.”
  — Giovanna Ventola (05:49)

• On Job Seeker Frustration:
  “Honestly, it feels disheartening because I feel like I have good credentials...so many people are struggling.”
  — Kasia Duncan (05:03)

• On AI’s Role in Hiring:
  “Very few [companies] can identify the skills they think they will need in five years.”
  — Nicole Gable (06:21)

• On Upskilling Urgency:
  “AI skills outside of tech roles are no longer...optional. This is a requirement.”
  — Nicole Gable (06:39)

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Timestamps for Key Segments

• 01:01–03:38 – APEC Summit, Trump-Xi diplomacy, China’s leverage
• 03:39–04:43 – Markets update: Japan, Taiwan, Jamaica
• 04:43–07:27 – The cost and strains of modern job hunting; AI’s reshaping of employment

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Summary

This episode delivers a succinct yet vivid snapshot of both international economic dynamics—centered on the evolving US-China relationship at the APEC Summit—and the very personal turmoil job seekers face in fast-changing economies. The tone combines cautious optimism in global markets with empathy and candor for those navigating a turbulent job landscape. The episode highlights the rising importance of adaptability and AI fluency, the new economic calculations for those seeking work, and the ongoing chess match between economic superpowers in Asia.

Transcript

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[William Lee Adams]

Donald Trump is back in Washington, but Asian leaders continue to talk business at the APEC Summit in South Korea. Live from the uk, this is the Marketplace Morning Report from the BBC World Service. I'm William Lee Adams. Good morning. The Chinese President Xi Jinping has told leaders attending the Asia Pacific Summit in South Korea to deepen economic cooperation in the face of global uncertainty. Leaders of other Asian nations at the conference remain wary of Beijing's economic dominan despite their need for trade with China. Let's cross over to Singapore now to hear more from our business reporter Nick Marsh. Nick, hello.

[Nick Marsh]

Hi William.

[William Lee Adams]

There's still plenty to digest after that fairly positive meeting between Donald Trump and Xi Jinping yesterday in South Korea. Soybeans, fentanyl, rare earths. Have we seen any concrete movement on the issues they discussed?

[Nick Marsh]

Well, the American side are saying some kind of deal might be signed as early as next week. The Chinese side have been a bit more circumspect on that. They haven't talked about any timelines at all, but the world seems a bit more of a peaceful place after this meeting, shall we say? From a global trade perspective at least.

[William Lee Adams]

And despite all the meetings that have already taken place in South Korea, the main event, the APEC Summit, is only now getting underway.

[Nick Marsh]

Yes, it's an agglomeration of all of the Asia Pacific economies, of which the United States and China are clearly the most important. But you've also got the host, South Korea, Japan, you've got all the Southeast Asian countries that were kind of caught in the middle between Washington and Beijing. Really, really important. 500 or million so market there as well. Today's when the bilaterals start happening, when the agreements start to get written. And in terms of who's actually still sticking around, Donald Trump's gone back to the United States, but Xi Jinping has stayed. He's been meeting with Canada's Prime Minister, Mark Carney. Those two countries are kind of restabilizing their relations after a torrid few years. And of course, William, let's not forget what they have in common. They have Donald Trump's tariffs.

[William Lee Adams]

Now that President Trump has, President Xi of China can take center stage. And he still has a series of high level meetings with his counterparts from Canada, Japan, Thailand. What's his message going to be?

[Nick Marsh]

It very much is an opportunity for Xi Jinping to remind countries in the region who the more stable trading partner is compared to tariff imposing United States. Even though we've seen some kind of temporary truce between the US And China, that is a very important piece of leverage that the Chinese side can take into any talks with the United States.

[William Lee Adams]

Nick, thanks for joining us on Marketplace.

[Nick Marsh]

My pleasure.

[William Lee Adams]

Let's do the numbers. Japanese stocks posted their biggest monthly gain in three decades. The Nikkei share average jumped 16.6% in October, finishing above 52,400. A weaker yen helped boost exports. And Taiwan's economy grew 7.64% in the third quarter, driven by the production of AI microchips. As Jamaica begins its recovery from Hurricane Melissa, there's one small piece of good news for the Caribbean island. Last year, its government issued a catastrophe bond, an insurance policy that's triggered when a hurricane is graded severe enough. Melissa was a Category 5 hurricane, so Jamaica will receive a $150 million payout within days. Data suggests the average job search in the US now lasts nearly six months, while more than one in four job seekers have been out of work for half a year or more. There are fewer VAC and growing competition for roles in the UK And Canada, too, leaving some feeling they need to spend money to get ahead. The BBC's Megan Lawton has more.

[Megan Lawton]

Giovanna Ventola, who lives in North Carolina, says she lost three jobs in three years.

[Giovanna Ventola]

And at the third time, I thought there was something wrong with me, which is what really prompted me to start sharing on social media.

[Megan Lawton]

Others like Kasia Duncan, who lives in southeast England, was struggling to find work too.

[Kasia Duncan]

Honestly it feels disheartening because I feel like I have good credentials and I do have previous work experience. I think that really highlights that it is a tough market that so many people are struggling.

[Megan Lawton]

Both tell me their experiences in the job market led them to paying for recruitment services, with Katia saying she spends around US$35 each month.

[Kasia Duncan]

For me it involves definitely LinkedIn Premium. It allows you to then talk to directly to HR managers and then personally I've got my Canva subscription which can allow me to more high quality CVS or portfolio work.

[Giovanna Ventola]

I was doing more than just submitting the application.

[Megan Lawton]

Giovanna estimates she has spent US$6,000 over the past three years.

[Giovanna Ventola]

So yes, there were services that I paid for. I paid for job boards career platform.

[Megan Lawton]

LinkedIn told us their premium subscriber membership has increased nearly 50% over the past two years.

[Nicole Gable]

Roles are changing as companies visions are changing and it does have a lot to do with the rapid explosion really of Nicole Gable is the US Country.

[Megan Lawton]

President for LHH Recruitment Solutions. She says the rise of AI is having an impact on hiring, particularly in sectors like tech employers.

[Nicole Gable]

Today, very few of them can identify the skills they think they will need in five years and the company's vision is changing depending on what they can do with technology and what their customer base can do with technology.

[Megan Lawton]

The impact, Gable says, is job seekers attempting to reinvent their careers, with many paying to do so.

[Nicole Gable]

AI skills outside of tech roles are no longer, you know, optional. This is a requirement so that behooves all candidates to try to upskill and learn how to use these tools today.

[Megan Lawton]

But if you do want to invest in your career, Toronto based Nancy d', Onofrio, a director at major recruitment firm Randstad, has this caution.

[Giovanna Ventola]

You know the job search is taking much longer, there's higher level of challenges and securing opportunities. So there's always going to be individuals who are going to take advantage of that. So just be careful as if you want to invest in yourself, you really have to take it upon yourself to be thorough in your research. But investing in yourself is always a good thing.

[Megan Lawton]

For many job seekers that means the journey back into work is taking longer and costing more than ever before. I'm the BBC's Megan Lawton for Marketplace.

[William Lee Adams]

And in the UK I'm William Lee Adams with the Marketplace Morning Report from the BBC World Service.

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