A prolonged citywide lockdown caused congestion in the Port of Shanghai and affected the global supply chain due to the megacity’s influential position in foreign trade and transportation.
Zhang Jinglun, a U.S. financial expert, told The Epoch Times that the Shanghai lockdown, part of China’s intensifying anti-virus measures, is bound to cause disruptions in production and logistics there, and many shipments will be delayed, thus exacerbating the global supply chain and inflationary pressures, especially in the United States, citing, Shanghai’s crucial role in the global manufacturing industry.
According to a survey of 167 U.S. companies conducted by the American Chamber of Commerce in Shanghai, as of April 1, more than half of U.S. multinational companies there have lowered their annual revenue forecasts due to the COVID-19 outbreak in Shanghai, more than 80 percent of manufacturers have reported a shortage of staff and unavailability of raw materials, resulting in slower or lower production, and another 77 percent have expressed dissatisfaction with the length of the quarantine period, Reuters reported.
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