Your car company also wants to be your bank
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What were the big themes and guest introductions at the start of the show?
the state of the new world economic order post-Davos, advertisers adapt to AI, plus a visit to the cattle auction. From American Public Media, this is Marketplace.
In Denver, I'm Amy Scott, in for Kai Risdahl. It is Friday, the 23rd of January. Good to have you with us. The World Economic Forum wrapped up in Davos, Switzerland today after a week of fiery speeches, behind-the-scenes diplomacy. and general hobnobbing among the global business and economic elite. So with us to talk about what went down and the rest of the week's business and economic news are Jordan Holman of The New York Times speaking to us from Davos and Bloomberg's David Gurra in New York. Right, David?
That's right. Hey, Amy.
Hey, thanks for being here, both of you. So Jordan, as I said, you are in Davos. You've been talking all week with CEOs there. What have you been hearing?
Yeah, so the week started off with everyone thinking the topic du jour would be AI. It quickly turned into geopolitics as the Greenland became a topic for President Trump, and then everyone just started anticipating his arrival. So I really wanted to understand what CEOs care most about, and it's really across the spectrum. But the main thing was that there's so much uncertainty, not knowing how they should make investments, not knowing what our relationship with Europe would be. And I had the chance to talk with European CEOs who especially were concerned about the future relationship with the United States.
Yeah. Well, David, of course, the theme we were hearing back home from Davos has been what Canadian Prime Minister Mark Carney called a rupture in the world order as the United States has retreated from global cooperation, increasingly antagonizes its allies. How would you describe the U.S. role on the global economic stage right now?
Yeah, I think that speech from Prime Minister Carney continues to reverberate around the world. So he talked about this not being a transition, about it being a rupture. And I think he said what a lot of people were thinking going into Davos as the president kind of made clear his designs on Greenland. And he spoke to the fact that there are all of these kind of middle positions economy countries around the world who are rethinking their relationship with the US and other multilateral institutions. And so Davos for him was the last stop on this trip that took him to China and the Middle East. And we've seen Canada kind of reposition itself in light of what the US has done when it comes to trade policy.
And I think he was voicing what a lot of other leaders are thinking, that if the U.S. is going to be this kind of unreliable partner, if there's going to be the kind of uncertainty that Jordan was just talking about, countries have to make other plans. And that really is, I think, the legacy of this, the first year of President Trump's second term, how leaders of companies, leaders of countries are navigating that uncertainty. And amidst all of that, trying to plot a path forward, trying to plan. And increasingly, it's on a different kind of map, on different kind of routes than they would have done before.
Yeah, so sticking with you for a moment, David, as you mentioned, we have just completed a year of the second Trump administration, and therefore we're a year into this new Trump economy. We did have some macroeconomic data out this week on inflation and GDP growth. How would you characterize that economy one year in?
I think that there were a lot of signs of resilience to this economy, and that's true on the kind of consumer side as well, the consumer side. for many, many years now has proven more resilient than I think a lot of people would have expected. But we talk a lot about this K-shaped economy, those who are doing well and those who aren't. And so this week, we got personal spending data. There were signs that consumers are kind of hanging on and still spending. But we're talking about certain consumers who, if you have property, own property, own cars, are able to make those big purchases.
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