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The shipping container shortage that’s wreaking havoc on the global supply chain
Spare a thought for the poor shipping container, responsible for most of the world's trade. It's had a rough year that started with the gargantuan Ever Given getting stuck in the Suez Canal.
Now the Suez traffic jam has gone global.
When the pandemic started, everyone needed COVID supplies from China. Chinese factories couldn't keep up with soaring demand from Western nations, and empty containers started to pile up in faraway ports.
Sending one of these ships from Shanghai to Los Angeles has jumped more than ten-fold from $2,000 to $25,000.
And as demand increases even more, the problem is getting worse — a vicious cycle with no end in sight just as the holidays approach.
Watch this episode of GZERO World with Ian Bremmer: Inflation nation: What's driving US prices higher?
Subscribe to GZERO on YouTube to be the first to see new episodes of GZERO World with Ian Bremmer: https://bit.ly/2TxCVnY
Inflation nation: What’s driving US prices higher?
As the holiday shopping season gets underway, consumers are facing empty shelves and sky-high prices. What explains the supply chain crunch and how is it related to the highest levels of inflation in the US in 30 years? Ian Bremmer is joined by economist Larry Summers, who served as the Treasury Secretary under President Clinton and as the Director of the National Economic Council under Barack Obama. Also on this episode of GZERO World with Ian Bremmer: the plight of the lowly shipping container.
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