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19-07-2022, 02:39 PM
Russia’s leverage over global energy and food markets during its invasion of Ukraine has spurred a broader re-evaluation among Western countries and their trading partners. European governments fear that Moscow could soon completely shut much of Europe’s natural-gas flows in retaliation for the sanctions campaign the U.S. and its allies are waging on Russia. A sudden gas shut-off could tip European economies into a recession.
As governments and companies in the orbit of the U.S. and its allies forge ahead with trying to diversify their supply chains, some economists have cautioned that such a shift could damp the benefits of globalization and lead to higher prices. Ms. Yellen and the Biden administration are already grappling with the highest inflation in decades.
As governments and companies in the orbit of the U.S. and its allies forge ahead with trying to diversify their supply chains, some economists have cautioned that such a shift could damp the benefits of globalization and lead to higher prices. Ms. Yellen and the Biden administration are already grappling with the highest inflation in decades.
