– A + A (April 26): China's stringent rules to curb Covid-19 are about to unleash another wave of summer chaos on supply chains between Asia, the U.S. and Europe. Beijing's zero-tolerance approach amid an escalating virus outbreak brings the pandemic full circle, more than two years after its emergence in Wuhan upended the global economy. Shipping congestion at Chinese ports, combined with Russia's war in Ukraine, risks a one-two punch that threatens to derail the recovery, already buffeted by inflation pressures and headwinds to growth. Even if the virus is reined in, the disruptions will ripple globally — and extend through the year — as bunched-up cargo vessels start sailing again. "We expect a bigger mess than last year," said Jacques Vandermeiren, the chief executive officer of the Port of Antwerp, Europe's second-busiest for container volume, in an interview. "It will have a negative impact, and a big negative impact, for the whole of 2022." China accounts for about 12% of global trade and Covid restrictions have idled factories and warehouses, slowed truck deliveries and exacerbated container logjams. U.S. and European ports are already swamped, leaving them vulnerable to additional shocks. "Once product export activities resume and a large… Read full this story
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