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full of goods from asia, unable to dock at full terminals in the ports of california, with containers piled high. the same now happening on the atlantic coast off georgia too and in other ports around the world, the plumbing of the world economy not functioning properly. at the white house today, president biden summoned us business bosses to work 24/7 to clear the backlogs. this is an across the board commitment to going to 21w. this is a big first step in speeding up the movement of materials and goods through our supply chain. the actions of the president show that this is a supply chain crisis that affects many countries across the world. it arises out of the fact that after the pandemic, demand rebounded much faster than expected and much faster than the ability of the world economy to supply the goods required. that s led to shortages, it s led to price rises,
the same now happening on the atlantic coast off georgia too and in other ports around the world, the plumbing of the world economy not functioning properly. at the white house today, president biden summoned us business bosses to work 24/7 to clear the backlogs. this is an across the board commitment to going to 21w. this is a big first step in speeding up the movement of materials and goods through our supply chain. the actions of the president show that this is a supply chain crisis that affects many countries across the world. it arises out of the fact that after the pandemic, demand rebounded much faster than expected and much faster than the ability of the world economy to supply the goods required. that s led to shortages, it s led to price rises, and that s not going to be solved before christmas. in fields and airfields around the usa, there are tens of thousands of nearly finished cars and trucks, but they can t be sold because they lack the crucial microchips, the orders
and the big worry for consumers across the globe the shortages are causing steep price rises in everthing from food to energy to consumer goods. from washington, here s our economics editor faisal islam. one of the world s biggest parking lots. dozens of cargo ships just waiting in the pacific, full of goods from asia, unable to dock at full terminals in the ports of california, with containers piled high. the same now happening on the atlantic coast off georgia too and in other ports around the world, the plumbing of the world economy not functioning properly. at the white house today, president biden summoned us business bosses to work 24/7 to clear the backlogs. this is an across the board commitment to going to 21w. this is a big first step in speeding up the movement of materials and goods through our supply chain. the actions of the president show that this is a supply chain crisis that affects many countries across the world.
is now going to cost £7 to ship. now, that puts it in perspective. we are selling theirs at present at £15. that isn t going to happen when the new freight rates come in. the government the new freight rates come in. the government has reassured shoppers that they should shop normally this equipment and has said that while global capacity regularly fluctuates, it is working with the industry to tackle the challenges at ports. the supply chain is stuck in a snarl up and it could take months to unpick. 0ur economics editor, faisal islam, is in washington dc, where the world s finance ministers are meeting this week. this issue of supply is notjust a uk problem, is it? yes, i mean, in the first instance, you can see it much more visibly in the us, in the dozens of cargo ships which are stuck, unable to unload their contain years off california and off georgia. you can see it in
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