seeking a winner take all competition and that both countries should not let any disagreement hurt economic ties. tensions have flared over washington s efforts to limit chinese access to advanced computer chips. just this week, beijing tightened export restrictions on two rare minerals both used in the chip industry, but speaking earlier today janet yellen insisted the two economies must remain closely interlinked. i ve made clear that the united states does not seek a wholesale separation of our economies. we seek to diversify and not to decouple. a decoupling of the world s two largest economies would be destabilizing for the global economy, and it would be virtually impossible to undertake. i also made clear that actions we take to protect our national security are designed to be narrowly targeted and that they are premised on straightforward national security considerations, they re are not undertaken to gain economic advantage over china. we are joinded now by alici
much right at the moment. not necessarily feeling it right now, but in the future, i have big plans. if interest rates go up on the home mortgages, i could be a little screwed there. i m in the corporate world. it s concerning. with the prices going up, we cannot afford sometimes what i you know. so it s hard for me. have to pinch here and there. still living our life. neil: the white house learning what americans knew all along. we re indeed in a recession. the economy pulling back as prices refuse to let up. stocks ignored this and moved up what is really up? we re going to talk to senior economic adviser, gene sperling in just a moment. this is neil cavuto and your world. first to edward lawrence at the white house on how all of this is being digested there. edward? the president confident that we re not in a recession. we re hearing it from everyone in the administration. don t look at the gdp numbers. look at job growth. in fact, the jobs that the adminis
United auto workers for the first time in history are striking against the bigthree u. S. Automakers all at once. Economist forecast strike if it continues could end up costing the National Economy 5 billion by months end. This at a time when 70 of americans polled they feel the economy right now is getting worse. This is a quote, real time test, bidens economic agenda says New York Times called for higher wages for the middle class, apologetic pro union stand, Push For Electric Vehicles centered in michigan, a state he must win in 2024 to remain in the oval office. Davin mc bowl, now with ed lawrence, i believe there you are, north lawn of the white house. Jillian, yeah, so far President Joe Biden sitting on the sidelines, he told the American People that the Auto Companies need to pony up. Record corporate profits which they have should be shared by Record Contracts for the uaw. And just as we are building an economy for the future we need labor agreements for the future. Its my hope
Earth metals will only decrease. you have a lovely earth metals will only decrease. you have a lovely weekend. we will talk to you soon. japanese workers have seen their pay go up at a record rate after the government called on companies to help employees facing rising prices. official figures show that, compared to a year earlier, wages rose by 1.8% in may the fastest pace in 28 years. the salaries of many people injapan had barely moved for decades as inflation was almost nonexistent. here s our asia business reporter monica miller. salaries jumped almost 2%. now, that s the fastest pace in 28 years. they ve barely moved for decades as inflation was almost nonexistent. japan is a bit of an outlier when it comes to big global economies. government price controls, an ageing population and negative interest rates are among some of the factors keeping down inflation.
Recession. i don t know how i don t know how the logic changed overnight. certainly this is a big difference from where we thought joe was. neil: i know you don t always talk to your democratic colleagues. you do try to reach out across the aisle. we re hearing that they don t have kyrsten sinema or for that matter others. in arizona, everybody would be whooping it up over this planned spending. so is this likely to pass or will there be trouble? i think it s going to be very challenging. you think about what is good for america right now. we re not in this place. not ready to absorb this. there s a great deal of concern that raising taxes on the people that we need to rely upon to invest more capital and create nor jobs at the time of a recession is not the correct past to follow. they re talking about other aspects of the plan that will be government price controls on