China¡¯s Lockdown Impacting U.S. Economy

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Weeks of 1lockdowns in China have 2left their mark. And American consumers are also feeling the 3impact.

¡°It is gonna be a 4painful time on prices from goods that come into America from China. And that¡¯s a lot of goods.¡±

Economic data for April shows China¡¯s 5industrial output... what factories produced... fell by 2.9 percent compared to last April. Last month, the world¡¯s largest container port in Shanghai was running at about half its 6capacity. Companies can¡¯t find truck drivers to move cargo... choking off supply chains... and increasing costs for companies. Experts say that¡¯s leaving American consumers waiting longer to get their goods and paying more for them.

¡°The orders will take a lot longer. If you thought it was bad in 2021, it¡¯s gonna get worse in 2022.¡±

American companies like Apple, Amazon, Starbucks, Coca-Cola and General Electric are getting hit hard by China¡¯s lockdowns. Apple says it could lose up to $8 billion in sales in part by the lockdown. And recently two of the world¡¯s biggest automakers, Volkswagen and Toyota 7suspended production for weeks. And Tesla sold about 1,500 cars in mainland China in April made at its Shanghai plant... a decline from March, when it sold 65,000.

¡°Business needs 8predictability. Is it gonna be six months, nine months? We don¡¯t even know when Shanghai is gonna stop the lockdown.¡±

Meanwhile, US hospitals are facing a 9shortage of 10contrast dye used in some X-ray, MRI and CT scans... because the Chinese factory that produces it was shut down for weeks.

Article from https://cnn.ybmnet.co.kr/cnn_class/2436