Key findings. -- Overview: COVID-19 response and impact. -- Chinese consumer demand plummets. U.S. sales of goods and services falling. Consumption remains sluggish amid uncertainty and threatened incomes. -- Cascading effect of lockdowns in China upends global economic flows. Transportation stoppage and restrictions on movement. Production downturn in China. Turmoil in energy markets. Global shipping flows in disarray, disrupting U.S. trade. Production breaks in China choke supply chains for U.S. companies. Dual supply and demand shocks shake market sentiment. -- China's policy response. -- Considerations for Congress.
Summary
The U.S.-China Economic and Security Review Commission released a staff research report entitled, Cascading Economic Impacts of the COVID-19 Outbreak in China. The report assesses the economic impact of the COVID-19 outbreak as it occurred in China and traces how subsequent disruptions have radiated across the world economy and impacted the United States.
Note
Description based on online resource; title from PDF cover (USCC, viewed April 15, 2021).
