The political economy of your Thanksgiving green bean casserole
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The topic is the impact of tariffs on that state's manufacturing. And agriculture. Several auto executives with opperations in the region are expected to testify. Marketplace's jed Kim reports that Obama is a modern day motor city. Hyundai Toyota, Honda, Mercedes, they all have big operations. There says Michelle Krebs with auto trader, and they're all being impacted by tariffs on steel, so far the companies have eaten the extra costs. But Krebs says that's getting expensive and automakers will have to start raising car prices soon that'll mean fewer sales, and when vehicle sales drop automakers have to trim back production, and that often means laying off workers that could deliver a head to Alabama's economy and retaliatory. Tariffs. On exports could deliver another blow. Ed, Kim is with auto Pacific. He says the Mercedes plant in Alabama makes a lot of SUV's to sell overseas. Daimona the parent company is already exploring moving production of those vehicles locally to China. So that they wouldn't be subject to Chinese tariffs that it'd be a lot of lost hours for Alabama's workforce. I'm jed Kim for marketplace. The Asia Pacific Economic cooperation summit ended over the weekend with vivid sign of noncooperation, the US and China are members and the US and China could not agree on an official communique a joint statement by the gathered officials. So there was none. This is about the trade war on Mondays. We check in with the communist. Julia Coronado at macropolicy perspectives in New York. Hi, julia. Good morning. How does an economist look at this. And we knew we see data that the trade war is actually affecting the US economy in a macro way. Well, first of all the US economy is still doing very well. Well, and generally outperforming other countries that we are starting to see a bit of a slowdown in investment and a bit of a widening in the trade deficit from declining exports and companies in their CCRI earnings reports are starting to talk about how they're managing these conflicts and this uncertainty. If you towed up the things that are giving markets confidence. It's that things like the US labor market seems very strong. But in the debit column is uncertainty over the trade war. Yes. Absolutely. And companies are starting to talk about things like localizing global supply chains to protect themselves from political conflicts and uncertainty. That's not good for productivity or profitability that's expensive. So that's not great news for the market. You know, you're an economist. That's the economist talking if you're a worker who wants a strong labor market may be closer to the US helps the US labor market is. It comes back to the US. Of course. One of the features. Global recovery is that most of the growth is happening outside of the US. So that doesn't necessarily mean production is coming back here. It could be going. Elsewhere always good to talk to. Julia Coronado at macropolicy perspectives. Thank you so much. My pleasure. We're also covering the firing and arrests today, the chairman of Nissan this after accusations of financial impropriety and under reporting of pay Goan is one of the car industry's superstars, he's also chairman and CEO of France's Renault. The marketplace morning report podcast feed has our coverage. If you miss it on the air Renault stock is down nine percent. The Tokyo market is closed. So we can't tell you about Nissan. This. Marketplace podcast is brought to you by four x dot com. Committed to empower in helping traders seize opportunities in the foreign exchange markets. Learn more at four x dot com for dot com. It's your world trade it for X. Trading involves significant risk of loss. We have a story this morning about what a casserole can tell us about the packaged food industry here in twenty eighteen. I'd miss this. But the inventor of green bean casserole died last month. Dorks Raleigh was ninety two. She was a home economist for Campbell's the soup company, which has been struggling as Peggy low from station. Casey. You are reports the soup that stars at MRs o'reilly's green bean casserole concoction as a long shelf life. This is a common sound in kitchens. This time of year. Campbell's original recipe from green bean casserole is made with a can of green beans a can of cream of mushroom soup. A little milk. A little soy sauce and topped off with a can of French fried onions, it's on many tables at thanksgiving last November. Campbell's says it sold twenty five million cans of the soup. Green bean castle is the top recipe on campus, kitchen dot com. It's that season. That's Jane Freeman director of Campbell's consumer test kitchen. She says dorks Riley, invented the casserole to us what home cokes would already have in their cupboards. I think that just shows the longevity of this recipe because it's using six ingredients that everyone's still to this day has on hand, but one soups longevity can't hold up a company's entire bottom line over the years. Campbell's has seen declining soup sales and its CEO abruptly retired last may after a move to fresh. Foods didn't work Alexia. Howard. An analyst at Bernstein research says companies that make processed foods aren't doing well millennials. Don't buy many products in cans, and the idea of a condensed soup that needs to be diluted with water is something that they're not even aware of. So there's a pretty big problem in that. Here's the green and be instead, I use when I make my healthy casserole. I went shopping with jeans dribbling editor Joe's in Kansas City to pick up the ingredients, she needs for her version of green bean casserole. She's a thirty nine year old mother of two she buys frozen green beans in a bag, and she prefers the trader Joe's brand of the cream of mushroom soup in a carton. So it's basically just a cream of mushroom soup just like m Campbell. But with better ingredients Campbell's interim CEO Keith McLaughlin, recently said Campbell's has had a challenging year and all of its products are being review. You'd in Kansas City. I'm Peggy low for marketplace. I don't do the green bean casserole. But it's possible. When a potluck demands, I've made easy chicken thighs with apricot jam and a packet of Lipton dried French onion soup mix. The chickens, not vegan. But apparently that French onion soup is repsect sedan Lee. So in New York, I'm David Brancaccio with the marketplace morning with. Which is from APM American public media. This marketplace podcast is brought to you by. Indeed when it comes to hiring. 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