China's Zero-Covid Policy is impacting Global Trade
By MYBRANDBOOK
China's infamous Zero-COVID policy is not only harming the Chinese citizens but is also posing a significant threat to the world as the country's “witless” rules have left hundreds of cargo ships stranded on the ports which will impact freight costs and global inflation.
Many companies are bearing the brunt of China's stern COVID policies. Maersk, the world's second-largest shipping company, has suggested that the lockdown will severely impact truck services and transport costs would perceive a rise at an unexpected level.
Due to heavy traffic restrictions at the Shanghai port, logistics companies have advised vessel operators to offload the products at other ports. Customers have to bear the additional shipment and storage charges. Thus, China is going through its worst outbreak and therefore the increase in freight charges could create economic repercussions on global trade as well.
As freight charges increase it could cause a negative economic torrent on global trade. Businesses will not tolerate this unfortunate development and they will divert the cost on customers. As the world is going back to normal, hopes for China are desolated as there is a tremendous rise of new COVID cases in the country caused by the omicron variant.
A lockdown is declared in Changchun city which is a major auto manufacturing hub for brands like Toyota and Volkswagen. Apple supplier Foxconn has also suspended its production amidst the tightened restrictions, as per the media outlet.
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