Allianz estimates that global trade will increase by 2.8% in 2024 — below the average of 5% — blaming that on disruptions brought on by the Red Sea crisis.
If approved, the measure would likely trigger contractual challenges for European logistics firms and political backlash from other gas-buying nations.
Gartner predicts that by 2028, 70% of companies will adopt regionally diversified supply chain models to improve network resiliency in the face of ongoing global disruptions.
Tesla has attracted intense backlash since the company opened the factory in March 2022, and later announced plans to expand into a nearby forest to increase its production capability.
Biden’s tariff move comes after his nation’s turbulent relationship with China has stabilized in recent months amid a flurry of diplomatic engagements.