China’s deflation problem
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 16 August 2023
⏱️ 7 minutes
🧾️ Download transcript
Summary
While inflation and interest rates stay high in the U.S., China is suffering from the opposite problem: deflation. We’ll hear from Marketplace’s China correspondent Jennifer Pak about the problems that come with steeply falling prices, including layoffs and decreased consumer spending. Plus, the UAW could vote to authorize a strike next week, and Novo Nordisk can’t produce enough of their buzzy weight loss drugs.
Transcript
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| 0:00.0 | New technologies, old fears. |
| 0:05.0 | From Marketplace, I'm so rebenisher in for David Brancaccio. |
| 0:08.2 | The union representing workers at the big three US automakers is gearing up to vote next |
| 0:13.5 | week and a possible strike. |
| 0:15.4 | This labor fight has something in common with striking Hollywood actors and writers. |
| 0:20.0 | Some of the more contentious issues revolve around the transition to new technologies. |
| 0:24.7 | For actors and writers, it's artificial intelligence and streaming. |
| 0:28.4 | For auto workers, it's electric vehicles. |
| 0:31.0 | Marketplace's Nova Sappho has more. |
| 0:32.8 | The United Auto Workers' Union represents nearly 150,000 employees at Ford, General Motors |
| 0:38.4 | and Stellantis, and it wants to ensure workers that newly proposed battery making plants |
| 0:43.9 | will be unionized as well. |
| 0:46.0 | The UAW also wants cost of living increases and additional pension benefits. |
| 0:50.8 | It says the Detroit III can afford it, citing nearly $21 billion in combined profits during |
| 0:56.3 | the first half of this year. |
| 0:58.3 | The two sides have been talking since mid-July, but the union says progress has been slow, |
| 1:03.4 | and he wants a strike authorization vote to pressure auto companies. |
| 1:07.2 | The Detroit III say they're facing higher costs and must spend billions to electrify |
| 1:11.7 | their fleets, investments that may not be profitable for several years. |
| 1:16.0 | The current labor contract expires on September 14. |
| 1:19.3 | I'm Nova Sappho for Marketplace. |
| 1:22.0 | The weight loss drug Wagovie and the diabetes drug ozempic both got a lot of buzz and sparked |
... |
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