In some countries, distinct factors are in play, such as Brexit and tax hikes in Britain. But a range of problems that cut across borders are driving inflation globally.
lockdowns in Shanghai and other Chinese cities would “exacerbate global supply-chain pressures and inflation concerns,” noting a plunge in freight traffic in Shanghai’s port as workers were unable to load and unload ships at their usual pace.Peterson Institute for International Economics noted that even
before the Russian invasion of Ukraine, China had put pressure on global prices by imposing export restrictions on key international goods including fertilizer and steel. China took these actions amid concerns about rising prices at home, but the country is such a large producer and consumer of international goods that there were major knock-on effects on the global market.
Bown and Wang wrote that China was often “selecting the policy that solves a domestic problem by passing along its cost to people elsewhere” and argued that a lack of a fully functioning World Trade Organization and the broken U.S.-China relationship made matters worse.
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