The U.S. economy is likely to face fresh inflationary pressures from China, where on-and-off lockdowns have slowed production in a wide range of areas from chips to Christmas trees, ravaging global supply chains.
The Chinese regime’s heavy-handed measures to contain the fast-moving Omicron variant have brought major industrial and commercial centers, like Shanghai, to a halt.
In Shanghai, which is more than eight weeks into a lockdown, most COVID-19 restrictions remained in place as of May 24, though officials recently declared the city had achieved the “zero-COVID” milestone. The indicator, according to officials, means all infections were reported in centralized quarantine facilities or residential communities under lockdown, rather than in other areas….