Associated Press
President Joe Biden convened world leaders at the Group of 20 summit on Sunday to talk about ways to relieve the supply chain bottlenecks hampering the global economy as it recovers from the coronavirus pandemic.
Despite devoting a combined $15 trillion to combat the fallout from COVID-19, many of the world’s largest economy are slogging through mass shortages as ships are waiting to dock, the prices of shipping containers climb, not enough trucks exist to haul goods from ports, and virus outbreaks halt factory production.
Supply chain issues have emerged as a point of economic and political pain for Biden, as the delays have contributed to inflation and potentially put a damper on holiday shopping. Republican lawmakers have cited the threat of inflation and supply chain challenges in critiquing Biden’s economic leadership.
In Sunday’s meeting, the president planned to discuss at the G-20 how each country can identify and resolve bottlenecks, said a senior administration official who requested anonymity to discuss the plans. The goal is to help relieve pressures and boost growth.
There is also the broader goal of greater coordination among countries so that supply chains are more resilient. This means increased transparency on shipping issues, so that possible problems can be identified and addressed. After the pandemic shut down factories, Biden planned to discuss how countries can identify strategies to ensure the production of essential goods such as computer chips are not taken offline for an extended period of time.
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Material published with permission of the Associated Press.
