Affording Food: Agriculture Sec. Rollins & Chef Lidia Bastianich 11/24/25

Summary

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Squawk Pod – Affording Food: Agriculture Sec. Rollins & Chef Lidia Bastianich

CNBC | November 24, 2025

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Episode Overview

In this special Thanksgiving week episode, the Squawk Box team—Joe Kernen, Becky Quick, and Andrew Ross Sorkin—explore the intersection of politics and everyday life with a focus on food affordability. Features include interviews with U.S. Agriculture Secretary Brooke Rollins, who discusses trade policy, farmer aid, and inflation, and chef Lidia Bastianich, who offers practical tips for cost-conscious, nourishing, and community-minded holiday meals.

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Key Discussion Points & Insights

1. Geopolitics, Trade, and U.S. Agriculture

• Aid for Farmers & Trade Policy

  • Secretary Rollins highlights the Trump administration's approach to restoring and expanding trade deals, reversing what she describes as stagnation under the previous administration.
  • Trade negotiations and new deals with countries such as Indonesia, Australia, Japan, EU, and England are boosting U.S. agricultural exports.
  • Ongoing talks with China over soybean purchases are framed as a central concern; recent commitments from China are expected to result in significant buys, though some skepticism remains until deals are inked.

    “We have every indication that those [soybean purchase] orders will continue to move. Even if the purchase order comes in before the end of December, those will move early next year.”
    — Brooke Rollins (23:57)

  • Removal of certain tariffs (e.g., on Brazilian coffee and beef) is explained as a return to pre-existing baseline tariffs, not a full opening of markets.

• Food Production Costs and Farmer Aid

  • Rollins recounts dramatic increases in input costs under Biden-era inflation: interest rates up 73%, fertilizer 36%, labor 47%.
  • Administration is finalizing a $15 billion aid package for American farmers to mitigate challenges from evolving trade negotiations.

    “We are looking at the aid right now... We'll have an announcement probably in the next week or two.”
    — Brooke Rollins (21:17; originally previewed at 01:25)

• Diversification Away from China

  • Historic reliance on China for soybean exports has shifted; current policy prioritizes diversification of export markets to Japan, the EU, Argentina, and others.

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2. Inflation, Food Prices, and Affordability

• Is Food Becoming More Affordable?

  • Secretary Rollins claims early success in reversing food inflation, citing statistics:
    • Average Thanksgiving meal cost: down 5%
    • Turkey: down 17%
    • Dinner rolls: down 22%

    “We’ve seen food prices come down. The average Thanksgiving meal is down about 5% now. Turkey’s down 17%.”
    — Brooke Rollins (26:09)

  • Administration expects continued progress with further implementation of new policies, deregulation, and the forthcoming tax cut bill.

• Real Impact for Consumers

  • Andrew Ross Sorkin points out that actual price declines are rare—what most consumers feel is the decrease in the rate of inflation, not outright price cuts.
  • Rollins emphasizes focus on not dictating public sentiment (“We’re not going to tell the American people how to feel”), but on delivering structural improvements to the economy and food system.

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3. Politics & Populism: Broader News Recap

• Political Dynamics

  • Cordial yet complex Trump–Mamdani meeting signals pragmatic politics across party lines, though skepticism lingers (“I think he thinks he’s a nice fascist”—Kernen, 05:49).
  • Marjorie Taylor Greene resigns from Congress, prompting spirited debate about the changing landscape of party politics.

• Healthcare Costs

  • The panel touches on anticipated administration actions to make healthcare more affordable, with an announcement expected soon.

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4. Lidia Bastianich: Cooking Affordably and Building Community

[From 30:39 onward]

• Food as Community Glue

  • Bastianich, chef, restaurateur, and PBS host, showcases food as a tool for human connection, especially in challenging times.
  • Her PBS special “A Nation of Neighbors” spotlights American communities helping each other through acts of sharing and neighborly support.

• Practical Cooking Tips for Hard Times

  • Bastianich advises:
    • Buy seasonal ingredients for both cost and flavor.
    • Use legumes, dried goods, and secondary meat cuts for budget-friendly meals:

      “Use a lot of the kind of legumes, the dry things—you know, things that I remember my grandmother cooking...”
      — Lidia Bastianich (32:08)

    • Employ long-cooking techniques like braising cheaper cuts.
    • Embrace communal, family meals—even simple soups and pastas are nourishing and satisfying.

• A Festive Yet Frugal Thanksgiving Turkey Tip

  • Her signature twist: Reduce inexpensive store-bought balsamic vinegar with honey and rosemary, and brush the glaze on the turkey in the last half hour of roasting for a mahogany, slightly sweet Italian finish:

    “I take balsamic vinegar, I reduce it...with a little bit of rosemary or honey to like molasses. And in the last half hour...I brush the turkey with that kind of balsamic molasses...”
    — Lidia Bastianich (35:53)

• Stories of Resilience and Solidarity

  • Vivid examples from across the country (Denver’s “same restaurant” pay-what-you-can model; Los Angeles post-wildfire community dinners) illustrate ways Americans come together and share, reinforcing hope and neighborhood spirit.

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Notable Quotes & Memorable Moments

• “We can’t be so reliant as Americans producing American products on one country, a foreign adversary...Next year, I think you’ll begin to see an incredible move toward these opening markets...”
  — Brooke Rollins (21:49)
• “Food is up all over for the restaurants, wholesale, retail, and everybody’s feeling the pinch...Cooking, knowing how to cook, cook the right thing, buying the right thing in season could all sort of help you through this process.”
  — Lidia Bastianich (31:32)
• “People are caring about the neighbors. Whether it’s in California...Denver...at the basis of our life is sitting together at the table and nourishing each other if we can and helping those that have maybe less than us.”
  — Lidia Bastianich (33:17)

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Timestamps for Key Segments

• 01:25 – Brooke Rollins previews pending farmer aid announcement
• 16:51 – Secretary Rollins on food cost trends and inflation
• 20:20 – Rollins on new trade deals and impact on farmers
• 23:57 – China’s soybean purchase commitments, timeline questions
• 26:09 – Rollins details food price statistics for Thanksgiving
• 30:39 – Chef Lidia Bastianich’s segment begins
• 35:53 – Bastianich's Thanksgiving turkey glaze tip

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Episode Tone & Style

The episode combines the lively banter and pointed debate typical of Squawk Box with accessible, practical advice from its guests. Secretary Rollins delivers optimistic, efficiency-focused talking points, while Lidia Bastianich offers warm, familial, tradition-rooted wisdom for coping with tough times. The episode maintains its signature mix of economics, politics, and relatable lifestyle content, all with a touch of Thanksgiving gratitude.

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This summary captures the key topics and voices in the episode, providing both a roadmap for the discussion and practical takeaways for listeners concerned about food costs, policy, and the power of sharing a table.

Transcript

[Brooke Rollins]

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[Joe Kernen]

This is Squawkpod and I'm CNBC producer Cameron Costa. Today's episode affordability on the table, the Thanksgiving table. First, Agriculture Secretary Brooke Rawlins on America's role in the global soybean trade and when the Trump administration will deliver aid to American farmers.

[Brooke Rollins]

We are looking at the aid right now. We have always said it is to solve for to mitigate anything under these new trade negotiations. Every day that changes and that's what we're working. So we'll have an announcement probably in the next week or two.

[Joe Kernen]

Then chef, restaurateur and cookbook author Lidia Bastianich. Thanksgiving may cost less this year compared to last year, but still Americans are feeling pinched. Bastianich cooks up cost conscious nourishment by getting back to basics bi seasonally number.

[Lidia Bastianich]

One and use a lot of the kind of legumes, the dry things, you know, things that I remember my grandmother.

[Joe Kernen]

Cooking, you know those conversations. Plus peace talks between Russia and Ukraine. New York City's mayor elect Mamdani in the Oval Office and Marjorie Taylor Greene is resigning.

[Andrew Ross Sorkin]

Wacky is a good word for it's a weird populist wing of the Republican party.

[Joe Kernen]

It's Monday, November 24th.

[Becky Quick]

The show is like having breakfast just over. It's like Thanksgiving dinner over breakfast. It just happens to be Thanksgiving week.

[Joe Kernen]

And Squawk pod begins right now.

[Becky Quick]

Stand Becky by in 3, 2, 1.

[Brooke Rollins]

Cue please.

[Joe Kernen]

Good morning everybody. Welcome to Squawkbox right here on cnbc. We're Live from the NASDAQ markets at Times Square, I'm Becky Quick along with Joe Kernan and Andrew Ross Sorkin. Good morning. It's Monday. Got a lot going on, sort of.

[Becky Quick]

Let's talk about some of the big geopolitical news. US And Ukraine officials saying they made some pretty good progress yesterday in talks for a peace plan backed by President Trump. Secretary of State Marco Rubio saying that the American and Ukrainian teams were working through that peace plan point by point and making adjustments. He said that an agreement could be reached in a reasonable amount of time, but noted they would have to reach a deal that the Russians would agree to. A US Official telling the New York Times on Saturday that plans for separate talks between US And Russia are underway. So we're going to keep our eyes on that and take a look at European defense stocks because they're under some pressure this morning. The stocks Europe Aerospace and Defense Index dropping more than 1%. That after falling more than 3% on Friday. Meantime, President Trump meeting with mayor of New York City or the mayor elect of New York City, I should say. Zoran Mandami at the White House on Friday. I think we all saw it, watched it, a meeting that was expected to be quite contentious. It ended up being more than cordial. President Trump made it clear that he was impressed by Mandani's victory. Mandani pointing out both he and Trump have been focused on the high cost of living. Here's President Trump's take on the meeting. I just want to congratulate, I think.

[Brooke Rollins]

You'Re going to have, hopefully a really great mayor.

[Andrew Ross Sorkin]

The better he does, the happier I am.

[Lidia Bastianich]

I will say there's no difference in party.

[Andrew Ross Sorkin]

There's no difference in anything.

[Lidia Bastianich]

And we're going to be helping him to make everybody's dream come true, having a strong and very safe New York.

[Becky Quick]

But then interestingly yesterday, and actually in the Oval Office as well on Meet the Press, Mamdame said he still believes the president is a fascist, but he said this about the meeting with Trump. I thought again and again about what it would mean for New Yorkers if we could establish a productive relationship that would focus on the issues that, that.

[Brooke Rollins]

Those New Yorkers stay up late at.

[Becky Quick]

Night thinking about, because so often in our politics, we try and tell people what they should be worried about, what they should be concerned about. But when you actually ask New Yorkers and you listen to them, you hear it come back to the issues that animated not just the conversation the president and I had with the press after our meeting. But frankly, in the meeting itself. Okay, guys, so what do you think? Was this game? Game meets game. What's the analysis here in terms of the cordial nature? Or is this just a temporary blip until it's not?

[Andrew Ross Sorkin]

Probably, you know, I don't know.

[Joe Kernen]

It was.

[Andrew Ross Sorkin]

You see how things go. I mean, just take Elon Musk and the way that goes with Trump. Trump can. Would it surprise you if things got really nasty? I mean, this next story, Marjorie Taylor Greene, I mean, in the relationship with Trump, you know, Marjorie Trader Greene. And then he says she's great. I hope she comes back into politics. Trump does love a winner. And I think he also is impressed by political skills, which this guy obviously, obviously has. But what's Mamdani, what does he think of Trump? He called him a fascist again.

[Joe Kernen]

I think he thinks he's a nice fascist.

[Andrew Ross Sorkin]

A nice fascist. A fascist. You know, it is a nice fascist and despot. It's a topsy turvy political world right now. Which leads into what I was going to say was this next story. In a blow to the Democratic Party, Congressman Marjorie Taylor Greene announced on Friday that she will resign from Congress on January 5th. Everyone's favorite Democrat for the last six weeks. So crazy. In a video posted online, Greene explained her decision and said she didn't want her congressional district to have to endure a hurtful and hateful primary. She was. I don't know whether the writing was on the wall for her or what, but saying a hateful primary against me by the president that we all fought for. Not sure her poll numbers were great and whether she would have been able to win again or not. President Trump has branded her a traitor and wacky, which isn't much of a stretch, I don't think. And he said he would. The wacky part, he wouldn't. Aren't we all, though, would endorse a challenger against her when she ran for reelection next year. Speaking to NBC News yesterday, President Trump was asked if Greene has a future in Republican politics. He said it's not going to be easy for her, but I'd love to see that. He then said she's got to take a little rest. A little rest in rehab. And there's already an op ed piece in the journal that JD Vance, ignore MTG at your own peril for 2028, which to me, when I even heard it even, you know, even floated. There's just. In what world is that going to be a viable possibility? And the Journal goes on to talk about some of the other parts of the Republican party that she sort of epitomizes. And none of them are good. Corporations are nefarious, must be politically controlled. Advocates for more defense spending are war profiteers. Donors to the GOP who donate, who don't donate to her aren't real Americans. I mean, wacky is a good word for. It's a weird populist wing of the Republican Party.

[Joe Kernen]

A huge defender of the president. Defended him. Thought the election was stolen from.

[Andrew Ross Sorkin]

I think she represents maga. She thinks she represents the maga. If she represents the MAGA part of. Then, you know, some distance from some of the crazy notions I think is good. I'm sorry, Andrew. I know that lately you've been. You've been. You said her.

[Becky Quick]

I'm just laughing because from up until five weeks ago, you never called her wackyou thought.

[Andrew Ross Sorkin]

This is all. That is total crap. That's total crap, Andrew. That's total crap. When you say you to me, do you mean some. Some composite of some right wing MAGA person? Marjorie Taylor Greene was never. I would have never said anything about her that, wow, she's a great representative of the Republican Party. That's total crap. I mean, unlike you, who Mamdani is your perfect Democrat, which is. You've always said, because you agree with all of his policies. That's the same type of ludicrous comment that you just made to me, Marjorie. Who else is my favorite Republican? Steve Bannon.

[Becky Quick]

There was a time.

[Andrew Ross Sorkin]

No, there was never a time. I knew the. I met the guy before Trump was even elected. He was. What was his latest saying? He said, he will be president in 2028. Trump will be. He says the most incendiary things just for publicity. You know who I like? I like.

[Becky Quick]

I'm glad that Johnson. We're meeting in the middle then.

[Andrew Ross Sorkin]

I like Mike Johnson. I like. You know, I have a whole list that I can give you that doesn't include. Who's the other flamethrower besides mtg. Boebert. Wacky Lauren Boebert. You know, have you ever seen me, like, start talking about Candace Owens or who's the crazy guy? Fuentes, whatever his name is. It is a crazy. It is a crazy party right now, but I'm going to start doing that to you. If you start saying MTG is my girl, I'm going to start talking to you about Donnie. Who else?

[Becky Quick]

Because you have been for the last 15 years.

[Andrew Ross Sorkin]

All right, I just had to get. Well, I had to get that. Don't. Do not tie me to old Marjorie Taylor Greene. I don't know what's going to happen. I doubt if she's going to be president. That's all I'll say. Take back everything else I said. Is she a MAGA stalwart? I mean, are there.

[Joe Kernen]

I don't know. President Trump says he's the only one, that he is Maga and that he knows what that party is.

[Andrew Ross Sorkin]

J.D. vance, Ike, even though I think J.D. vance gets a little bit taken in by some of the, you know, the Orin caste, populist, anti corporate wing of the party. If it was a perfect world, I'd clone Ronald Reagan. Andrew, you understand that? Maybe you'd clone Bill Clinton. No, he's still alive. Sorry.

[Joe Kernen]

He is.

[Andrew Ross Sorkin]

But, you know, we are in a strange political environment right now. And I don't know how, I don't know what the end result of any parties are.

[Joe Kernen]

Both very broad, shall we say?

[Andrew Ross Sorkin]

They're broad. But, you know, the fringe elements of the Republican Party are fringy. And then, you know. Yeah. And then we got the Democratic Party and, you know, Becky's friend Hakeem.

[Joe Kernen]

You know who we're going to have on soon this week?

[Andrew Ross Sorkin]

Leader Jeffries. I shouldn't just call him by the first name.

[Joe Kernen]

Well, actually, I haven't booked it yet. So let's see. What we should probably talk about in the meantime is what's happening.

[Andrew Ross Sorkin]

You have who?

[Joe Kernen]

No, I'm looking to try and bring together some of the people who are still trying to work on a bipartisan basis. Because if you're actually going to get anything done with health care, there is a group of bipartisan people who are.

[Andrew Ross Sorkin]

Working either one of them on.

[Joe Kernen]

No, either one of.

[Becky Quick]

Both of them.

[Andrew Ross Sorkin]

Are there two?

[Joe Kernen]

There's a handful of people who are trying to work in the middle. Susan Collins is one of the senator who's been doing some of these things. But we're going to try and look at some of those solutions, too, because we are facing up against the deadline for what's going to happen with the ACA tax credits. It is going to mean higher health care costs for a lot of Americans. And there are big questions about how you fix that, how you bring down the rate of inflation in health care that has just been out of control for decades at this point.

[Andrew Ross Sorkin]

Andrew, you're right. I am going to lay off the collective view when I say you about certain things, when I pigeonhole you and label you in that area, and then you won't do it to me. All right. Because we're both our own people.

[Joe Kernen]

Deal.

[Andrew Ross Sorkin]

Is that a deal? If you don't tell me I'm like an MTG acolyte and I won't see you.

[Becky Quick]

I always say this show is like having breakfast. It's like Thanksgiving dinner over breakfast. It just happens to be Thanksgiving week. So I totally, I'm with you.

[Andrew Ross Sorkin]

Do not call me the crazy drunk old uncle or I'll call you the hippie, you know, goatee wearing, you know, meathead.

[Joe Kernen]

Well, just getting everybody ready for their family gatherings this week. In the meantime, Treasury Secretary Scott Bessen saying that the Trump administration is working on bringing down health care costs. That topic we were just talking about. And to an expect an announcement this week.

[Becky Quick]

We had a very big October for home sales, energy prices, gasoline, gasoline is down. We saw, we believe health care is going to come down. We will see an announcement this coming week on that. And so across the board, prices are starting to come down.

[Joe Kernen]

He made that comment yesterday on NBC's Meet the Press. President Trump has said that he hopes to secure a plan by January 30 to address the coming surge in health care premiums caused by subsidies that expire at the end of this year. And yes, it is going to be a campaign issue for 2026.

[Brooke Rollins]

Cheese will be next.

[Joe Kernen]

Next on squawk pod, Agriculture Secretary Brooke Rollins. Aid for farmers, the soybean trade, and rising baseline costs of food, labor and fuel across the country.

[Brooke Rollins]

Americans, we believe, will see real relief very, very soon. Those numbers are already down, but much more to come.

[Joe Kernen]

An optimistic take from the Trump administration right after this.

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[Joe Kernen]

Welcome back to Squawk Pod from CNBC with Joe Kernan, Becky Quick and Andrew Ross Sorkin. Here's Joe.

[Andrew Ross Sorkin]

An executive order signed by President Trump removing tariffs on Brazilian coffee and beef is expected to ease food costs for Americans. Joining us now, Agriculture Secretary Brooke Rollins. You came to New York.

[Brooke Rollins]

I did. Great to be here.

[Andrew Ross Sorkin]

You're on set. It's nice to have you here.

[Brooke Rollins]

Yeah, thank you.

[Andrew Ross Sorkin]

Affordability. I saw Secretary Bessen. I kind of liked it. We hope to see him soon too. But he said he was asked about some specific item being up, I don't know, 8% or something like that. And I think he said, do you know, he asked Kristen Walker, how much is your arm weigh? Said, excuse me? He said, how much does your arm weigh? When you measure your weight, do you measure your arm or do you look at the entire.

[Brooke Rollins]

Basket?

[Andrew Ross Sorkin]

There are certain things we can control mainly energy and that might flow through setting up 2026 to be much more affordable. Is that the way to view it?

[Brooke Rollins]

That's it. And first of all, it's so fun to be with you all and not in a black box. Right. Looking into a camera lens. So thanks for having me. Yeah. This administration has been incredibly focused on getting the American dream back into every American's home and goals, et cetera. And affordability is a huge piece of that. Of course, I'm the agriculture secretary. So food, food production, supporting our farmers and ranchers is a big piece. And when you look at under Joe Biden, the last four years, we had an increase in inputs, interest rates 73%, fertilizer 36%, labor increased 47%. Not surprising that the driver, of course, no new trade deals during those four years, no way to move the food out. So when you look at all of that in total, so it's no surprise that what we inherited was an absolute Economic mess. But those numbers are coming down. There are a few outliers. And you mentioned Secretary Benson talked about a couple of those yesterday. We're working on those extremely diligently. But as we're restructuring the entire economy, as we're bringing down inflation, bringing down fuel, bringing down labor, Americans we believe will see real relief very, very soon. Those numbers are already down, but much more to come.

[Andrew Ross Sorkin]

The original rationale behind the tariffs on Brazil, which I guess are coming off, what was the thinking there? What's the thinking now? Do we not. It'd be nice if we made everything here, but we can't possibly produce everything in the United States. Was that the wrong move? Now all of a sudden we need these things, Prices are up, so the tariffs come off. Was it, was it ill conceived, the original tariff?

[Brooke Rollins]

Listen, the President, who I have, I was his domestic policy chief in the first administration, built the America First Policy Institute in the interim. I mean, I have been next to him on policy for a really long time now. His vision of realigning the entire world economy around putting American products first in America first, but also using tariffs as a really important economic tool to make sure that we are doing everything we can for our country and to keep our country at the top of the, of the world. So when it comes to Brazil, for example, there was a whole background on that, and this is more probably Marco, Secretary Rubio's lane than mine. But what the President did was using these as economic tools, but also important foreign policy tools as well. Now, what happened with Brazil with those tariffs coming off is this. We're now just back to where we were in February when Liberation Day was announced. Meaning that, for example, on a lot of goods, including beef and others, we're back to the 25% tariff that is congressionally authorized. So when they say we're taking the tariffs off, off of Brazil, all we're doing is going back to what was there originally, which was 25%. So the president continues, I believe, to move America forward in such a remarkable way. All of these achievements over the last just 10 months. That's kind of amazing. Some days it feels like 10 years, but we've really only been 10 months and there's so much good left to do.

[Andrew Ross Sorkin]

The farmers might get helped eventually. That hasn't happened yet.

[Becky Quick]

Right.

[Andrew Ross Sorkin]

15 billion, is it in the works? Okay, so we do tariffs on one hand. That's to try to accomplish one thing, but that hurts. That has unintended consequences, maybe with farmers. So we're using this 15 billion. Was it a Good idea. Was it positive in the end? I guess you can use some of the tariffs proceeds, maybe for the 15 billion for the.

[Brooke Rollins]

So, a couple of quick points on that. First of all, what the President did with Liberation Day, with enacting all these tariffs back in February, we now have dozens of new trade deals. And within Indonesia, Australia, Japan, eu, England, it's just remarkable. And a lot of these deals, people tried for 20, 25 years to get these deals again under the last administration, we didn't have one new trade deal. We went from a agriculture trade surplus under Trump 1 to a deficit. $50 billion deficit in just agriculture. So think about the effects on our farmers and our ranchers. $50 billion is a significant amount when you're growing corn or soybeans or apples or whatever you're growing. So being able to solve for that, which now we're doing again, it's incredible. But to your point about the aid, the president always said he would take care of the farmers. They have been with him since he came down the escalator just a few blocks from here in 2015 and began this next chapter. So, yes, we are looking at the aid right now. We have always said it is to solve for, to mitigate anything under these new trade negotiations. Every day that changes, and that's what we're working. So we'll have an announcement process probably in the next week or two on what that's going to look like. We're selling a lot more soybeans than we were though a couple months ago when we first started.

[Joe Kernen]

And that was the big problem. China went from the biggest buyer of soybeans to zero purchases soybeans. That was the biggest issue that happened. That happened on President Trump's watch.

[Brooke Rollins]

Well, what. So we have seen a decline from China buying soybeans for years. It is an important point, though, because China just a few years ago was buying about 65% of our soybeans from America. They have pivoted to buying a lot of Brazilian soybeans. And also the President has said, as has Secretary Bessant, that using our soybean farmers for leverage is not okay. So in the last. Just a couple of weeks ago, the announcement was that China is back on to buy soybeans, 12 million metric tons this year, 25 million metric tons over the next few years. They've already put in a purchase order. We've already started shipping, shipping soybeans their way, almost a million and a half metric tons. We have every indication they will continue to buy soybeans. Sorghum etc. But it goes to the larger effort of President Trump. We can't be so reliant as Americans producing American products on one country, a foreign adversary. So opening up, Japan's going to buy more soybeans. The EU is going to buy more soybeans. There are countries all around the world now that have committed to that, Argentina and others. So next year, I think you'll begin to see an incredible move toward these opening markets and moving more of our American agriculture products out. Soybeans are at their highest number. They've been in about 15 months. Other parts of our row crops are not seeing that as much, but we're working on that, too. But just solving for relying on just one country to buy more than a majority, we just can't do that anymore.

[Joe Kernen]

Andrew's got a question, too.

[Brooke Rollins]

Hi, Andrew.

[Becky Quick]

Hey, Secretary. Hey, how are you? Help me understand this and tell me if I'm wrong. My understanding is that you said in the White House it said that China was going to buy 12 million metric tons of soybeans from the United States by January. We're now just about a month and a half away from that. They have, according to the USDA report, only made two big purchases and they totally, in total, 332,000 metric tons. How, how is that pledge, if that is a real pledge and China has not confirmed that pledge going to be made in that quick a time?

[Brooke Rollins]

Andrew, thank you. We're actually about a million and a half metric tons. But your point is still salient, right? That a million and a half of 12 million, we've got. We've got a significant way to go. I know they are inking the deal this week. Week or next week. Again, every sign is their commitment remains true that they will indeed buy or purchase 12 million metric tons or put the order in. It doesn't mean we'll move 12 million metric tons by the end of December, but it means that those orders will come in according to their commitment and their promise to our president and to Secretary Besson and to Ambassador Greer. So again, we have every indication that those will continue to move. Even if the purchase order comes in before the end of December. December, those will move early next year.

[Andrew Ross Sorkin]

Secretary, the affordable affordability. Everyone's talking about it now, and I'm not sure everyone understands that. When you say the president says prices are coming down, what he really means is we're trying to get inflation down because prices rarely actually fall. Some could in individual areas, obviously eggs or something like that, that when they're up because of bird flu. But the overall inflation rate is usually positive. So all of those very difficult numbers we saw in the last administration, 9% one year, I think 5% average inflation over the four year period, those are still in the marketplace now for consumers, which is why I think they're feeling it. How can you just. Agriculture is not, you can't control everything there. Some of those are one offs. A lot of it is housing or remnants of all the spending that was done post Covid by both the Trump and Biden administration. There was too many dollars chasing too few goods. Do you see the administration getting down to 2% with inflation or the Fed, whoever you give it credit to?

[Brooke Rollins]

Well, I really appreciate the question. The structure of what's happening is incredibly, incredibly positive where inflation, the latest numbers were down to 2.9% to your point, after having been at a high of 9%, average of 5% in Joe Biden, we're already down to 2.9%.

[Andrew Ross Sorkin]

That was about where it was when Biden left though.

[Brooke Rollins]

Well, that's right. But it's continuing to come down. We've seen food prices come down. The average Thanksgiving meal is down about 5% now. Turkey's down 17%, dinner rolls are down 22%. So we have some really good numbers there. You see the job numbers at an incredible two and a half million American born citizens now are employed that weren't under Biden. The mortgage rates are now down about $200 on average per month. And making a lot of progress on housing, which is about 40% of the average American's spend out of pocket every year.

[Andrew Ross Sorkin]

A lot of it's flat, very positive. You have to look forward to think it's going to be 2000. I think Secretary Bessen is saying that it's set up for lower because I think 2.9 might actually have ticked or 3% has ticked up a little from when the President took over. So that's where people I think are still feeling the, you know, the pinch of higher prices, although wages at least are real. Wages did not rise during the Biden.

[Brooke Rollins]

Wages are rising at their fastest rate in 60 years over the last 10 months. I mean, remarkable numbers. But here's the thing, and I think Secretary Bessett said this too. We're not going to tell the American people how to feel. We're not going to be the Biden administration. We say, oh, but actually you feel good. And they say no, we're spending more on milk and eggs than we ever have. And our mortgage rates have gone up this is not what we're doing. Instead, we are putting the fundamentals in place to get back to a thriving growth in the economy. We had a 4.2% GDP number recently. The structure is there, will continue to work on it, continue to bring costs down, continue to deregulate. Listen, all of the great policy in the one big beautiful bill, the tax cuts, the deregulation, the shrinking of the government programs, that hasn't even gone into effect yet. So all of these positive indicators are even without having that bill going into effect, which is going to be extremely positive for the American people.

[Andrew Ross Sorkin]

And core inflation doesn't include, you know, food and energy.

[Brooke Rollins]

That's right. That's right.

[Andrew Ross Sorkin]

All you can do is food. Right.

[Brooke Rollins]

That's, you know, I'll say that. But I will also say this cabinet is so different. We all work hand in glove. I am in constant communication seven days a week with everyone from Bobby Kennedy to Scott Besant to Lori Chavez on labor to Kelly Loeffler on small business. It's pretty amazing. This team of people that the president has assembled, it's such an honor to be a part of it.

[Andrew Ross Sorkin]

Get them all in here because it was nice to have you on set.

[Brooke Rollins]

Thank you. Yes, I will. We should all sit around this table and have a great conversation.

[Andrew Ross Sorkin]

People come to New York, at least. At least for now.

[Brooke Rollins]

Yes.

[Andrew Ross Sorkin]

We'll see.

[Brooke Rollins]

Well, that's a very good point.

[Becky Quick]

Exactly.

[Andrew Ross Sorkin]

Thank you.

[Joe Kernen]

Still cooking up on Squawk pod chef, author and restaurateur Lidia Bastianich. Her tips for a holiday season that nourishes in food and in spirit. Plus a tip right from her own Thanksgiving table.

[Lidia Bastianich]

You know what I do with the turkey to make it a little bit special and a little bit Italian? I take balsamic vinegar, I reduce it.

[Joe Kernen]

You'll have to stick around to hear what exactly she's doing with that reduction. We're back after this break.

[Schwab/Ameritrade Announcer]

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[Becky Quick]

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[Brooke Rollins]

Learning the right skills could make a difference. That's why our business programs teach you relevant skills you can take from the course room to the workplace.

[Joe Kernen]

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[Brooke Rollins]

Edu.

[Joe Kernen]

You're listening to Squawk Pod.

[Becky Quick]

You're watching Squawk Box on cnbc. I'm Andrew Sorkin along with Joe Kernan and Becky Quick. We got a lot going on on this holiday shortened week.

[Joe Kernen]

Our next guest runs a food and media empire and will give us her view on food prices, consumers and much more. Joining us right now is she chef, restaurateur and award winning TV host Lydia Bastianich. Her latest book is Lydia's the Art of Pasta and her new PBS special debuts tomorrow evening. It's Lydia Celebrates America, a Nation of Neighbors. Lydia, first of all, welcome. It's great to see you.

[Lidia Bastianich]

A pleasure. Pleasure.

[Joe Kernen]

We've had you on a lot of times over the years and you are somebody who recognizes that food brings people together, that it's a unifying thing in all of our lives, makes our lives better. And we completely appreciate that because we're a business network. Let's start a little bit just talking about food inflation because it's been a big issue. We had the secretary of agriculture here earlier this morning. Where is food inflation right now? What do you see in your restaurants? What do you see from the perspective of the consumer, what they can and can't afford right now?

[Lidia Bastianich]

Well, food is up all over for the restaurants, wholesale, retail, and everybody's feeling the pinch. You know, if it costs me X amount, I have to run a business. Therefore my markup has to be decent, not over. But everybody's conscious about it. And you know, cooking, knowing how to cook, cook the right thing, buying the right thing in season could all sort of help you through this process.

[Joe Kernen]

So what do you do as somebody who has been running restaurants for years, who knows how to navigate these things, what do you yourself do?

[Lidia Bastianich]

Well, you buy seasonally, number one, and use a lot of the kind of legumes, the dry things you Know, things that I remember my grandmother cooking, you know, she would watch, she would measure everything. It wasn't that abundant after war, the day after. And so today we kind of look the same cook long cooking technique, the secondary cuts of meat, braising it a long time. And you know what, people are liking it and people are getting in the kitchen, you know, in self defense it might be, but really getting at the table, sitting with the family and putting some good food. And it doesn't have to be a prime rib, you know, it could be a good place plate of baked pasta and. Or just a soup, secondary braised meats with some vegetables next to it. So, you know, planning well, buying well and being conscious.

[Joe Kernen]

Your latest special, the one on PBS premiering tomorrow, is really interesting because it gets at the heart of food being something that can really bring communities together. What did you get at with this? It's called a nation of neighbors.

[Lidia Bastianich]

Absolutely. We are a nation of neighbors. And sometimes, you know, you feel all kinds of, you hear here being maligned, our nations being maligned and whatever, but it's not so out there. There's a lot of good people. And what keeps, I think America together is this feeling of neighborhood. You know, again, I remember as I was a child, you know, in a small town in Italy, one road, all the houses, we knew everybody. My mother wasn't home. I would go to the neighbor, they would feed me. And this is what's happening all over America. People are caring about the neighbors. Whether it's in California, I went in Portland, I went in Denver. And whether it's a restaurant, you know, there was a restaurant called the same restaurant in Colorado. And there you can pay for your food. You can go in if you're hungry, they'll feed you. But you can work, you can peel potatoes, you can clean, wash dishes, you can serve. So you can. Or if you produce tomatoes or whatever, you bring the extra and they feed you. So all kinds of concepts really to help our neighbors and to really. Because at the basis of our life is sitting together at the table and nourishing each other if we can and helping those that have maybe less than us.

[Joe Kernen]

You also went to California right after the Los Angeles wildfires. What did you see there?

[Lidia Bastianich]

Oh, that was really moving. They took me right through the whole neighborhoods. And it's no reservation is a concept where food is cooked, but it's cooked in an appreciative way of the people that need it. It is not a box of food. Here you are. Eat what you can. It's actually Setting up a table, having invitation, having some good music and appetizers, main course served. And it was wonderful to see those people that maybe lived in a tent or lived in a hotel to come together at the table with their neighbors. And you know what? They would bring little things from home, you know, like a pot of coffee, Turkish coffee and whatever, all different nationalities. It didn't matter. That table was really, really where the heart was.

[Joe Kernen]

It is Thanksgiving week and we're getting ready for Thanksgiving dinners everywhere. The good news is that Thanksgiving dinner itself is actually cheaper this year than it was last year. Part of that is turkey prices down about 17%. What tips do you give people for not only pulling together that Thanksgiving meal, but what makes it special and how you do it?

[Lidia Bastianich]

Well, it's giving. That's what Thanksgiving is. It's using your oven a lot, you know, because especially if you have a large family, make sure that whatever you plan, you put in, you use the oven, whether it's vegetables, whether it's the appetizer. So nice. Again, a big tray of baked pastas and appetizer. Put your vegetables all mixed vegetable on, on a tray in the oven, roasted. And of course, the turkey. The turkey, you know, you know what I do with the turkey to make it a little bit special, a little bit Italian? I take balsam, balsamic vinegar. I reduce it, you know, not the expensive one, the one in the store, and I reduce it with a little bit of rosemary or honey to like molasses. And in the last half hour of the roasting of the turkey, I brush the turkey with that kind of balsamic molasses and it becomes mahogany and it has a little sweetness. So a nice little tip to make your turkey delicious, beautiful, and a little Italian.

[Joe Kernen]

Lydia, thank you for coming in today. I think we're all looking forward to sharing this time with our families. And we appreciate you coming in and joining us today. Lydia Bastianich, thank you for having me.

That's the podcast for today. Thank you for joining us. Squawk Box is hosted by Joe Kernan, Becky Quick and Andrew Ross Sorkin. Tune in every weekday morning on cnbc Starting at 6am East Eastern. Except for holidays.

[Andrew Ross Sorkin]

We have turkey day almost every day here, depending on the guests, don't we.

[Joe Kernen]

To get the smartest bits of that TV show right into your ears. Follow Squawk Pod wherever you get your podcasts. We'll meet you right back here tomorrow. Have a great day and happy Thanksgiving Prep.

[Brooke Rollins]

We are clear.

[Becky Quick]

Thanks, guys. Foreign.

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Trading at Schwab is powered by Ameritrade. Unlocking the Power of thinkorswim the award winning trading platforms loaded with features that let you dive deeper into the market. You can visualize your trades in a new light on thinkorswim desktop with robust charting and analysis tools, all while you uncover new opportunities with up to the minute market news and insights. ThinkOrSwim is available on desktop, web and mobile to meet you where you are so you never miss a thing. It's built by the trading obsessed to help you trade brilliantly. Learn more at swab. Com Trading.