A group of 160 Republican lawmakers have sent a letter to President Joe Biden urging him to “reevaluate his priorities” and address the supply chain and ports crisis in the United States before considering additional social spending. The letter was led and signed by Rep. Sam Graves (R-Mo.), the ranking member on the Transportation and Infrastructure Committee, and also…
Group of 160 Republicans Urge Biden to Fix Supply Chain Crisis Before Considering More Social Spending
Fed’s Quarles Warns Additional Government Spending Could Lead to Extended Period of Transitory Inflation
October 21, 2021
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Federal Reserve Gov. Randal Quarles on Wednesday warned that additional government spending being contemplated by the Biden administration could lead to “transitory” inflation continuing for too long. Speaking at a Milken Institute conference in Los Angeles, Quarles noted that the central bank has been increasing its holdings of Treasury securities and agency mortgage-backed securities by $120 billion a month since…
Taiwanese Investment Leaving China, Dropped by Half in a Decade: Expert
Over the past decade, Taiwan’s investment in China has significantly dropped, and due to a worsening business environment, those Taiwanese who remain in the country, do so at the risk of losing all of their investments, an online forum was told. Lin Thung-Hong, a researcher at the Institute of Sociology, Academia Sinica, Taiwan, told the forum,…
Deep Dive (Oct. 20): White House Addresses Reports of Illegal Minors’ Night Flights
The White House explores deploying the National Guard to ease the supply chain crisis, but it is unlikely to use this option. Transportation Secretary Pete Buttigieg says he’s not ruling out the possibility of using the National Guard to help unload cargo, as the backlog of ships waiting to unload at the biggest U.S. port…
White House Orders Temporary Lift in Cargo Weight Capacity for Trucks
President Joe Biden plans to sign an executive order to temporarily lift weight limits so trucks can carry more cargo, White House Press Secretary Jen Psaki told reporters Oct. 20. A national shortage of truck drivers is worsening shipping bottlenecks that have created waiting lines for freighters at backlogged U.S. ports in recent weeks. The most…
Small Business Owners Testify That Worker Shortages Greatest Issue Impacting Their Companies
The Committee on Small Business Subcommittee on Oversight, Investigations, and Regulations held a hearing on Wednesday about the supply chain issues currently facing small business owners. The witnesses all testified that worker shortages were one of the greatest challenges to their businesses being able to survive and thrive. “I begin by placing a spotlight on…
Grocers Advise Shoppers to Expect Shortages but Not Hoard
The great toilet paper shortage of 2020 is seared in the minds of all who experienced it, but current supply chain pressures have not translated into widespread hoarding in Pennsylvania, although some stores are starting to limit the number of certain paper products. While supply chain challenges have been ongoing since the onset of the…
IMF Cuts Asia’s Growth Forecast, Warns of Supply Chain Risks
October 20, 2021
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The International Monetary Fund on Tuesday slashed this year’s economic growth forecast for Asia and warned that a fresh wave of COVID-19 infections, supply chain disruptions, and inflation pressures pose downside risks to the outlook. China’s economy will grow by 8.0 percent this year and 5.6 percent in 2022, but the recovery remains “unbalanced” as…
Diapers to Yogurt, Global Firms Face Higher Costs Amid Supply-Chain Woes
Results from companies Procter & Gamble Co and Danone SA as well as phone maker Ericsson on Tuesday show higher costs and supply chain disruptions, signaling more margin pressure for global firms and higher prices for shoppers. Panic-buying at the start of the pandemic led to mass shortages of everything from toilet paper to packaged…
Ericsson Plans Cut in China Ops on Huawei Backlash, Flags Supply Chain Issues
October 19, 2021
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STOCKHOLM—Sweden’s Ericsson announced on Tuesday plans to reduce its operations in China after suffering a big sales drop in one of its biggest markets, citing retaliation for Sweden’s banning China’s Huawei from selling 5G gear in the country. The news came as the company reported better than expected third-quarter core earnings boosted by strong sales…
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