How will this senseless war affect Amazon FBA and other private label sellers?
Today, I’m going to show you how the war in Ukraine could further impact small businesses and what you can do to prepare if you are an Amazon seller or another type of entrepreneur.
We will cover:
- Increased pressures on shipping and transportation around the world
- Drains on natural resources as the war rages on
- Growing global inflation
- Potential infrastructural developments worldwide
- China’s role in the war and potential future invasion of Taiwan
- How entrepreneurs can navigate these global challenges and still build a life of financial independence
Strains on Global Shipping & Transportation
You’ve likely felt the pain of, or at least noticed, increased gas prices long before Russia officially launched their Ukrainian invasion on February 24, 2022 (Sonne et al.).
If you’ve sold on Amazon throughout the past two years, you’ve also likely noticed that shipping costs and lead times have increased.
Unfortunately, the war in Ukraine has, and will continue to, sharply exacerbate both of these pain points.
Combined, Coronavirus pandemic-induced shipping constraints (U.S. International Trade Commission) and war-related high transportation costs could mean prolonged, increased shipping costs for entrepreneurs.
Oil and natural gas prices are on the rise.
This occurs almost naturally whenever there is a global conflict (Ip). Governments prioritize fuel allocations for the military, spiking costs for civilians.
Yes, gas prices were on the rise before the war, and the war is not the only cause of the rise in fuel prices. However, the Russo-Ukrainian War complicates the situation.
In times of peace, Russia is responsible for about one fifth of the world’s oil and natural gas exports (Swanson).
In fact, most of Europe is widely dependent on Russia’s vast Siberian natural gas reserves. This is primarily due to the fact that the European continent is largely without its own natural gas supplies.
The US recently banned the import of Russian natural gas, which previously amounted to less than 2% of the US’s natural gas supply.
Unlike the United States, Europe is not in the position to completely block Russian imports and impose overly-limiting economic sanctions against Russian President Vladimir Putin (Real Life Lore). Sanctions refer to economic blockades put in place against Russia that include widespread effects such as temporary trade and business suspension.
Even though the European Union (EU) has not completely cut itself off from Russian natural gas, the sanctions it has imposed against Russia severely limit the amount of natural gas Russia is exporting to the EU. As a result, energy prices across Europe have skyrocketed and will likely increase even more as the EU searches for other ways to meet their energy needs (Segal).
High fuel prices across the continent could add to current issues with global shipping as prices to transport products into European marketplaces spike. In fact, shipping prices will likely spike more due to increased shipping delays.
Later, I will show you our top recommendations on how to adjust to the new normal of international shipping.
Common land, sea, and air-routes are heavily disrupted.
Due to the on-the-ground conflicts, the airspace over Ukraine has been temporarily restricted.
Most American, European, and Japanese airlines have stopped flying to and from Russia.
On top of that, Russia has since blocked 36 countries (namely the US and EU countries) from flying through its airspace. This makes Russia’s large land mass a colossal barrier to otherwise free air travel.
Before the war, flights from Europe or the US would typically fly over Russia to get to East Asia. Now, those same flights must reroute north or south to avoid Russian air space, adding hours of flight time to already lengthy trips.
The pattern is additionally true of rail traffic (Real Life Lore).
These diverted routes don’t just mean increased travel times: They also mean spiked travel costs due to increased labor hours and the price of fuel.
Whether you’re traveling on a passenger plane or shipping cargo across the globe, global transportation costs have skyrocketed.
Essentially, the war has “imposed constraints on the ability to use Russian transportation infrastructure to support manufacturing in Asia.” In doing so, the war has made it extremely challenging for businesses who manufacture products in China to get those products to Europe and the US, especially by land (Simchi-Levi & Haren).
Unless small businesses can find a logistical solution to move products made in China safely across Russia, shipping costs to transport products from a manufacturer to a warehouse or fulfillment center will continue to increase as the war progresses and likely into its aftermath.
For most US Amazon sellers, air and land travel are not the problem since they are less common means of shipping. However, sea routes aren’t fairing much better.
Sea freights also need to use new routes.
The United Kingdom recently banned all Russian ships from docking. Belgian, Dutch, and German officials will now forcibly stop and inspect any Russian-bound vessels.
On March 1 Maerisk and Mediterranean Shipping Co., two of the world's leading sea freight carriers, announced they would temporarily halt shipments to and from Russia and Ukraine. The announcement cites extreme congestion at shipping ports, which has been made worse by increased customs inspections (Paris et al.). In doing so, the two companies join carriers ONE, MSC, and Hapag-Lloyd in “a move that will impact at least 47% of global container shipping” (Kay).
On top of that, Ukraine boasts Europe’s largest sea port, which has recently closed due to the war. This closure has put increased pressure on the already-overflowing ports of Northern Europe (Paris et al.) and global shipping as a whole.
Where sea-freight prices were already sky-high due to the pandemic and subsequent backlog of ships waiting to dock, prices are set to increase even more due to Putin’s invasion of Ukraine.
Experts warn that ocean freight rates could double or even triple up to $30,000 per 40 foot container. Air rates are expected to jump exponentially higher (Cohen).
All of this means increased shipping timelines and costs that are not likely to decline anytime soon.
And as chaotic as shipping routes currently are, they are by no means the only wide-scale effect of the war.
Strains on Natural Resources
Restricted access to Russia natural gas and lengthened shipping delays are not the only issues coming out of the Ukrainian invasion:
Grain shortages are likely to accentuate unrest in the Middle East and North Africa.
Russia is the world’s largest wheat producer; Ukraine is the fifth-largest. Together, they make up one third of the global wheat and barley supply.
In 2020, Ukraine supplied over 18 million tons of wheat around the globe. The bulk of their supply went to Middle Eastern and North African countries (Real Life Lore).
With all efforts pointed against each other, it will be exceedingly difficult for Ukraine and Russia to produce anywhere near the amount of wheat that Middle Eastern and North African nations have come to expect and rely upon.
The shortage of wheat is already taking its toll. However, if prolonged, the war could threaten the summer wheat harvest, which would directly impact the availability of bread, pasta, and packaged foods for millions of people across Europe, North Africa, and the Middle East (Swanson).
The war has not only already caused a surge in global wheat prices (you might have noticed the bread at your local grocer costs more than before). It is likely to intensify tensions and civil unrest in the Middle East and North Africa, especially as many in those countries face starvation (Swanson).
Approximately 100 million people across the region that spans from Afghanistan to the Horn of Africa, Yemen, and beyond will be especially hard hit by the lack of wheat. These countries require massive grain imports, cannot finance their supplies by themselves, and are heavily dependent on international relief agencies.
Current grain supplies are running low, making the region extremely food insecure. Mark Lowcock, former United Nations Under-Secretary General for Humanitarian Affairs, suggests that the Russo-Ukrainian War’s greatest casualties will not be seen in Ukraine or Russia, but in countries where millions of people are on the brink of starvation (Segal).
Considering the Middle East’s own critical oil reserves, a conflict of any magnitude could further disrupt global distribution of oil and natural gas. This would in turn worsen current supply chain woes and transportation costs worldwide.
While the war’s wide-spread threat to human life—both in battle and through interrupted food exports—is its gravest concern, grain production is far from the only export the war has disrupted.
Metals have already fallen into short supply.
Ukraine and Russia are both significant global producers of aluminum, steel, platinum, and many other metals and ores. The war-caused halt to these exports has severely interrupted current manufacturing and infrastructure efforts along with the automobile and electronics industries.
Most experts agree that the profitability of small and medium-sized businesses is at risk, specifically due to new “problems with sustainable production in mechanical engineering, conventional construction, and more,” (Segal).
Add to that, Ukraine is a key exporter of ferroalloys (used to make steel), minerals, engineering products, and neon. Since the war, however, production has come to a grinding halt (Segal).
Many electronics companies had come to rely upon Ukrainian neon to create semiconductors (substances used to control the flow of information in electronics). Now, semiconductors are in short supply as Ukraine has halted the extraction and export of neon (Simchi-Levi & Haren).
German automobile giants Volkswagen and BMW have closed assembly lines in Germany due to a shortage of wiring that was formerly sourced from Ukraine (Simchi-Levi & Haren).
Large and small, it’s hard to deny the incalculable, long-term impact the Russo-Ukrainian War will have on global business.
Most larger companies are shifting production zones closer to home, a move that could spur increased domestic industrialization. As more countries start to bring manufacturing in-house to offset current handicaps, the world could become less connected.
Potential Global Restructuring
As the lines drawn between Russia and the rest of the world begin to cement, supply chain realities are getting worse. In fact, the world is experiencing the “biggest shift in supply chains since the era of globalization began” in the late 1800s. “Perpetual disruption is the new normal,” (Segal).
Companies are seeking ways to workaround current supply chain headaches, while governments are looking for alternatives to formerly readily-available resources.
The pandemic and war have exacerbated the need for local and regional manufacturing.
If supply chain struggles brought about by the pandemic did not already make it glaringly apparent, the crisis in Ukraine certainly has: Global sourcing is flawed and in need of an overhaul.
In fact, the events between Russia and Ukraine seem to be accelerating a shift from global to regional sourcing already brought about by the China-US trade war (BBC), the global climate, and the pandemic (Simchi-Levi and Haren). In other words, the war in Ukraine suggests another “trigger” that could cause global supply chains to fall apart (Segal).
The longer the war rages on, the longer the US and EU maintain and tighten sanctions against Russia, and the longer Ukraine’s production capacity remains limited, it becomes increasingly more likely that the US and EU will prioritize alternative options (Segal). Specifically, the increasingly-scrutinized close relationship between Russia and China will likely accelerate the global trend to look for more regional and local sources of resources and production.
A January 2020 survey found that companies in several industries were already moving, or planning to move, parts of their supply chains from current locations (mostly in China) to more regional locales. “Companies in about half of all global sectors in North America declared an intent to ‘reshore’,” (Simchi-Levi and Haren).
However infrastructural developments for greater manufacturing capacity at home will require considerable time and finances.
For example, Intel recently announced their plan to build two semiconductor factories in Ohio. The plan will cost $20 billion and will not begin production until 2025.
Intel is not alone. Other big tech companies, who had put facilities in the now close-to-the-fire countries of Poland and Hungary, are seeking ways to move production closer to home. Many US companies may soon be looking to South America for production (Simchi-Levi and Haren).
In the coming years, it might become more lucrative for entrepreneurs and Amazon sellers to pivot towards domestic or regional production.
This is not all bad news: Sourcing locally will cut down on transportation costs and energy consumption.
Europe must now seek new energy sources that will require infrastructural overhaul.
Up until the invasion of Ukraine, Russia supplied the majority of the EU’s oil and natural gas.
To add to an already chaotic situation, the EU will now seek a multi-year long infrastructural overhaul in order to achieve an energy solution independent from Russia (Ip).
While the war has proven such a change is necessary, there is no doubt that it will ultimately prolong European economic struggles both for governments and individuals alike. Any alternative energy solution will require vast amounts of resources, construction, and, of course, money.
These efforts will prove difficult as the war continuously disrupts production and export of metals needed for such infrastructural developments, most of which are commonly found in Ukraine and Russia.
Norway (which is not part of the EU) is currently the EU’s second largest oil and natural gas supplier. However, they’re already at maximum capacity.
The use of the Dutch natural gas field Groningen has been on the decline in recent years as oil excavations have been tied to ground sinking and earthquakes in the region. Since the start of the war, however, that field has seen an uptick in use as the EU attempts to fill part of the gap left by Russian oil. Experts warn, however, that the consequences of over-using the field are potentially disastrous.
Nuclear and “green” energy initiatives have been taking off across the continent in recent years. However, their capacity is nowhere near the scale needed for clean energy to take over the hole left by Russian natural gas.
Currently, the EU is in talks to supplement their natural gas intake with Liquified Natural Gas (LNG). LNG could be imported on tanker ships from friendly nations such as the US, Qatar, and Australia.
However, current European infrastructure lacks the ability to process LNG. Making the switch would require the construction of more LNG-processing terminals at ports. Currently, there are only a few of these terminals in the EU.
Beyond the fact that such an overhaul would require billions of dollars and years to accomplish, the LNG supply chain was already stretched before the war. Aisian economies rely heavily on LNG, which could mean increased inflation if the EU attempts to take part in the already-strained supply.
There are also talks of creating new pipelines to transport Middle Eastern and Nigerian oil to Europe. Much like LNG terminals, however, these would require billions of dollars and years to construct. And the new pipelines would only substitute a fraction of what Russia used to provide (Real Life Lore).
Up until the war, Germany was designing an $11 billion pipeline that would pump massive amounts of natural gas directly from Siberia to supplant Germany’s own extremely limited reserves.
Whether from their own anti-Putin agenda or external pressure to join the rest of the EU in imposing sanctions against Russia, Germany has since suspended the project, sent lethal aid to Ukraine, and vowed to invest part of the pipeline’s substantial budget in the German military (Real Life Lore).
Increased global military spending could maintain high transportation costs and inflation.
Three days after Russia invaded Ukraine, Germany’s chancellor Olaf Scholz announced that the German military would receive a massive influx of funds. His plan will give Germany the third-most funded military in the world, behind the US and China (Martinez).
While Germany leads the charge in Europe, they are not alone.
Most North American Treaty Organization (NATO) members have increased their military spending following Russia’s invasion (DW News). In fact, at a 2021 NATO summit, the organization set a goal for all member countries to spend at least 2% of their overall gross domestic product (GDP) on military efforts by 2024.
Up until recently, most member states were set to miss that mark (Routley). However, since Russia’s attacks on Ukraine, we’re seeing more NATO countries make sudden moves to increase their military spending and inch closer to that 2% target.
A large-scale power influx across NATO members seems to be a prudent course of action and may not be overly surprising. However, it comes at a time when Europe is in dire need of new energy solutions. There is no doubt that such a large budgetary influx across European militaries will only contribute negatively to inflation and put even more pressure on European economies.
Selling in European marketplaces could be slow going for quite some time as the continent recovers from the war and its long-term economic effects.
Increased Global Inflation
The mounting pressure on the global supply chain, and its disruption, has “exacerbate[d] imbalances between supply and demand” and spurred increased inflation (Segal).
And while the central conflict is located in Ukraine and Russia, the rest of the world will undoubtedly reap its economic rewards.
Further gaps between supply and demand could contribute to already-increased global inflation.
Global inflation is at a 40-year high (Kay). However, the Russo-Ukrainian War could both prolong and spike that.
As of March, US inflation had grown to 8.5% (Weise) and energy prices were up 36.7% from the previous year (Associated Press). Meanwhile, Europe set new inflation records for the third month in a row (Kay).
Increased costs of commodities such as metals, wheat, and natural gas, will further strain prices in other industries as well as overall inflation.
The International Monetary Fund (IMF) is already warning of the prospect of prolonged inflation even after the war. IMF Managing Director Kristalina Georgieva noted that the war marks “a massive setback” for global recovery and that the war is economically downgrading approximately 143 countries (Wiseman).
Companies are already responding to persistent inflation. UPS and FedEx have increased prices to offset rising fuel costs. On April 13, Amazon announced it would add a fuel and inflation surcharge to the fees it charges third party FBA sellers.
Starting April 28, Amazon will charge US sellers who rely on Amazon’s fulfillment services an additional 5% of their current fulfillment fees for each unit sold. The move seeks to offset Amazon’s own increased costs caused by inflation (Weise).
Climbing Amazon fees are not the only threat to Amazon sellers. As inflation reaches new records, the ability to get business loans may cause more headaches for entrepreneurs.
US banks and credit institutions are poised to take a hit.
The US economy is coming down hard on banks and credit lenders, which could affect the way billions of Americans live and conduct business.
Long-term mortgage rates are especially facing sharp increases. The 30-year loan reached 5% at the beginning of April. This marks the first time that number has been seen in over a decade .
Inflation in the US is further set to negatively impact credit card interest rates. It might even go so far as to affect who can now qualify for a loan, even one with a steep interest rate (Associated Press).
For current and potential entrepreneurs and Amazon sellers, a surge in interest rates and a decline in loan availability means finding alternative solutions to financing. Our Amazon FBA Mastery membership teaches several other options to finance your Amazon store.
Even if you’re one of the lucky few who are less affected by the war’s global consequences, there is no doubt that our economic world could look drastically different when the dust finally settles.
There is a strong possibility that the global economy will be split into two geopolitical blocs as sanctions imposed by the US and EU against Russia—supported by China—could result in a fragmented global economy (Wiseman).
All Eyes on China
Perhaps the Russo-Ukrainian War’s biggest challenge to entrepreneurs and Amazon sellers is China’s reaction.
As of October, 2019, it was estimated that roughly 70% of private label products sold on Amazon were manufactured in China (Sourcing Allies Global). That number has only grown.
In the current state of conflict, it is uncertain how China will react.
China and Russia have a supposedly no-holds-barred friendship. In that case, China may offer aid to Russia, who has been weakened by severe international sanctions (Financial Times).
On the other hand, China may choose to remain neutral and/or tighten their own financial dealings with Russia out of concern for their own place in global relations (ChinaFile Contributors).
And then there is the strong possibility that China will instead choose to invade Taiwan in similar fashion as Russia did to Ukraine.
Experts are torn as to how likely China is to take advantage of the situation to invade Taiwan.
Taiwanese officials are certain it won’t happen. Taiwanese citizens are certain it will (Kuo et al.). However, it remains to be seen whether or not China will invade Taiwan in an attempt to take back what many Chinese claim is rightfully part of China.
As of April, experts say the evidence is split:
On the one hand, China may take Russia’s dramatic isolation from the rest of the world as a warning against striking Taiwan.
On the other hand, Chinese social media discussions increasingly remark upon the similarities between Taiwan’s relationship with China and Ukraine's former relationship with Russia. Some Chinese officials have gone so far as to state that they view Taiwan as already part of China (ChinaFile Contributors).
Meanwhile, in Taiwan itself, local organizations have started offering defense and first aid courses to prepare Taiwanese citizens for what many view as an imminent battle.
Taiwanese military doctrine states that Taiwan will never strike first in conflict, which many scholars are suggesting they change. However, in early March Taiwanese legislators approved an extra $8.6 billion on top of the current $13 billion annual defense fund. The recent influx can only mean that the country is anticipating a full-scale invasion.
The mounting alarm inside Taiwan is causing yet another fear: Pro-Beijing groups in Taiwan might use the situation in Ukraine and growing Taiwanese unrest as motivation to lean further into Beijing’s will and stifle Taiwanese independence (Kuo, et. al).
What does remain clear, however, is that regardless of their shared motivations, a Chinese invasion of Taiwan would look much different than the Russian invasion of Ukraine.
A Chinese invasion of Taiwan could reap much different repercussions than Russia’s invasion of Ukraine.
It seems that Russia and China each believe, to a certain extent, that Ukraine and Taiwan are integral parts of Russia and China’s national histories and thus should be part of their respective jurisdictions. Apart from that, however, most scholars agree the similarities between the two situations stop there.
On the one hand, a Chinese invasion of Taiwan would be much more difficult than the invasion Russia mounted against Ukraine.
Taiwan is separated from China by a 100 mile sea barrier and is near US allies South Korea and Japan.
In contrast, Ukraine shares a long land border with Russia and is surrounded by former Soviet Union territories, including Belarus which has joined Russia against Ukraine.
Where the Russians were able to mount supplies and troops at the border for months, China would have to launch the world’s largest, full-scale surprise amphibious attack to reach Taiwan (Kuo et al.)
On the other hand, scholars caution that were China to ever invade Taiwan, China’s stance as a leading global power and its key role in manufacturing suggests that the international community would not be able to isolate China in the way it has done with Russia. Knowing this, the Chinese government “might not see itself in the same league as Russia” which could incentivize a Chinese invasion of Taiwan (ChinaFile Contributors).
Additionally, only a dozen or so countries actually recognize Taiwan as an independent nation, which would make it increasingly difficult for the rest of the world to impose sanctions against China in the way it has against Russia. This is largely because China refuses to do business with those countries that recognize Taiwan’s independence. Many countries, including the United States, essentially do not remark on Taiwan’s status one way or the other.
However, the global response to Russia may at least give Chinese leaders pause. It does seem apparent that a Chinese invasion of Taiwan would not only be a much larger and more unpredictable military risk, but would likely cause the US and its allies to intervene on a scale not seen in Ukraine (ChinaFile Contributors). In fact, in a CNN Town Hall interview with Anderson Cooper from October, 2021 US President Joseph Biden announced that the US would indeed come to Taiwan’s defense if China were to attack:
Mr. Cooper: So, are you saying that the United States would come to Taiwan’s defense if—
The President: Yes.
Mr. Cooper: —China attacked?
The President: Yes, have a commitment to do that.
And while the world waits with bated breath over a potential Chinese invasion of Taiwan, China’s stance on close ally Russia is still to be determined.
China’s stance on Russia and Taiwan could drastically impact future relations with the US and Europe.
Chinese-Russian relations may, in time, facilitate manufacturing and transportation in China. They could also lead to sanctions that would prohibit the import of Chinese products into the US and EU.
China and Russia have long been friendly based on their lengthy shared land border and their respective political distances from the US and EU. It remains to be seen, however, what, if any, stance China will take in regards to Russia and its invasion of Ukraine.
Up to this point, China has remained surprisingly silent and unhelpful towards Putin.
Considering Russia’s weakened economic state alone, however, it seems like a probable time for China to swoop in, offer financial assistance, and set themselves up for an owed favor down the road (ChinaFile Contributors).
A strengthened Chinese-Russian alliance would prove especially useful for China as they look to increase natural gas imports (Financial Times). In fact, for all their alliance and shared interests, China has yet to be connected to Russia’s massive Siberian oil fields.
This could all be changing soon as China looks to pump massive amounts of money into the Russian economy specifically for the construction of what is to be called the Power of Siberia 2: A massive pipeline between Siberia and China’s hungry industrial core (Real Life Lore).
To that end, even if China remains silent, and keeps its wallet closed throughout the war, it does seem unlikely that China would impose any sanctions against Russia.
For the time being, it appears China is staying relatively clear of the matter, or at least not intervening. In fact, “China has practiced some caution in its economic relations with Russia” to ensure the US and EU don’t impose their own economic sanctions against China which could put China’s own economic well-being at risk (ChinaFile Contributors). After all, it’s no secret that China and the US don’t see eye to eye on policies (Palmer).
For now, it seems that China hopes to strengthen its own economy and ambition by playing into US and European rules. This appears to serve two purposes:
For one, China can remain friendly with Russia while maintaining a neutral stance on the war to further its own economic interests.
For another, by not speaking out against Russia, China is setting themselves up for a future partnership wherein a weakened Russia is pushed “into a position of a junior partner in the relationship, while increasing its economic and strategic dependency on China.” In that case, “friendly, economically dependent, resource-rich Russia [would provide] China with a valuable and expansive strategic backyard needed for its long-term competition and possible confrontation with the United States” (ChinaFile Contributors).
How China eventually decides to address both Russia and Taiwan will greatly inform US and European foreign policies moving forward. Depending on the outcome, businesses, entrepreneurs, and Amazon sellers may be looking for alternative production houses sooner rather than later.
Regardless, China’s eventual stance towards the Russo-Ukrainian War will greatly inform the standards for global trade over the next few years.
What Entrepreneurs Can Do
As the rest of the world looks for a solution to inflated shipping costs, most Amazon sellers and small business owners do have a few options to navigate this global crisis and its potential effects on their businesses:
First, it might be in sellers’ best interest to bring their product sourcing closer to home, or at least, to a place where it could be easily transported without rerouting around Russia, such as India.
Second, sellers creating new products should look for high price point product niches. The higher you can sell your final product for, the more your revenue will offset drastic shipping costs and the less those costs will eat into your profit margins.
Third, consider forecasting inventory restocking ahead of schedule to prevent inventory gaps caused by overly-delayed shipments.
Fourth, try to avoid selling products that require any resources that are in short supply. If you currently sell products that require certain metals, you might need to find a temporary alternative solution such as plastic. And if you sell gourmet pastas, you might have to shift your focus for a while.
Finally, sellers might consider adding an arbitrage element to their business. Arbitrage is the practice of buying products inexpensively and reselling them elsewhere for profit. And while inventory isn’t as predictable with arbitrage (you never know what you might stumble across at a yard sale), it does allow sellers to source at home.
While we can’t predict the future, what we at Just One Dime can do is keep you as informed as possible and ensure you know all of your sourcing and shipping options when it comes to getting your products into Amazon shoppers’ hands. We cover that and more in our comprehensive Amazon FBA Mastery membership.
What effect of the war in Ukraine took you most by surprise? Let me know in the comments.
In these times, it's even more important to consider your product suppliers carefully. Scroll down below to get a free supplier research spreadsheet to help you organize your supplier information and narrow down to your #1 supplier.
Associated Press. (2022, April 14). US long-term mortgage rates rise; 30-year loan reaches 5%. Associated Press. https://apnews.com/article/business-prices-mortgage-rates-mortgages-inflation-7d385b7364d8f782e73e2ce1996b28d9.
BBC. (2020, January 16). A quick guide to the US-China trade war. BBC. https://www.bbc.com/news/business-45899310.
ChinaFile Contributors. (2022, April 7). What Lessons Does China Take From Putin’s War? Foreign Policy. https://foreignpolicy.com/2022/04/07/china-russia-putin-ukraine-war-lessons-taiwan/.
Cohen, P. (2022, March 1). Within Days, Russia’s War on Ukraine Squeezes the Global Economy. The New York Times. https://www.nytimes.com/2022/03/01/business/economy/russia-ukraine-sanctions-economy.html.
Cooper, Anderson. (2021, October 21). Remarks by President Biden in a CNN Town Hall with Anderson Cooper. The White House. https://www.whitehouse.gov/briefing-room/speeches-remarks/2021/10/22/remarks-by-president-biden-in-a-cnn-town-hall-with-anderson-cooper-2/.
DW News. (2022, March 22). How the Ukraine Invasion Drives Military Spending Worldwide YouTube. https://www.youtube.com/watch?v=sjNqtxo8Gkk.
Financial Times. (2022, March 24). China, Russia and the War in Ukraine. YouTube. https://www.youtube.com/watch?v=AzG9b9DfLsw.
Ip, G. (2022, March 10). War in Ukraine Fans the Flames of Global Inflation. The Wall Street Journal. https://www.wsj.com/articles/war-in-ukraine-fans-the-flames-of-global-inflation-11646922368?mod=newsviewer_click.
Kay, G. (2022, March 1). Russia’s war on Ukraine could triple ocean shipping rates to $30,000 per container, expert says. Business Insider. https://www.businessinsider.com/russia-war-ukraine-could-triple-ocean-shipping-rates-experts-2022-3.
Kuo, L., Chiang, V., & Wu, P. (2022, March 4). Taiwan’s leaders try to calm fears over Ukraine invasion, but citizens worry their island will be next. The Washington Post. https://www.washingtonpost.com/world/2022/03/04/taiwan-ukraine-russia-war-china/.
LaRoca, G. (2021). Rising Maritime Freight Shipping Costs Impacted by Covid-19. U.S. International Trade Commission. https://www.usitc.gov/publications/332/executive_briefings/ebot_greg_larocca_freight_costs_weighing_covid_pdf.pdf.
Martinez, A. (2022, March 17). Germany is building what’s expected to become Europe’s largest military [Interview]. National Public Radio. https://www.npr.org/2022/03/17/1087137501/germany-is-building-whats-expected-to-become-europe-s-largest-military.
Palmer, J. (2021, December 29). U.S.-China Relations Hit a Nadir in 2021. Foreign Policy. https://foreignpolicy.com/2021/12/29/u-s-china-relations-2021-biden-xi-jinping-taiwan/.
Paris, C., & Faucon, B. (2022, March 1). War in Ukraine Disrupts Ships Around the Globe. The Wall Street Journal. https://www.wsj.com/articles/war-in-ukraine-disrupts-ships-around-the-globe-11646138737.
Real Life Lore. (2022, March 31). How Putin’s Invasion is Changing Our World Forever. YouTube. https://www.youtube.com/watch?v=ZLyUeKa2jzY.
Routley, N. (2021, September 23). This is how much NATO countries spend on defense. Visual Capitalist. https://www.visualcapitalist.com/this-is-how-much-nato-countries-spend-on-defense/.
Segal, E. (2022, April 2). Supply chain crisis worsens as Russia’s war against Ukraine continues. Forbes. https://www.forbes.com/sites/edwardsegal/2022/04/02/supply-chain-crisis-worsens-as-russias-war-against-ukraine-continues/amp/.
Simchi-Levi, D., & Haren, P. (2022, March 17). How the war in Ukraine is further disrupting global supply chains. Harvard Business Review. https://hbr.org/2022/03/how-the-war-in-ukraine-is-further-disrupting-global-supply-chains.
Sonne, P., Dixon, R., Pannett, R., Francis, E., Wagner, J., Alfaro, M., Sonmez, F., Wang, A.B., Birnbaum, M., Luisa Paúl, M., Hudson, J., Knowles, H., Cheng, A., & Thebault, R. (2022, February 23). Russia launches attack on Ukraine, Biden says. The Washington Post. https://www.washingtonpost.com/world/2022/02/23/russia-ukraine-updates/.
Sourcing Allies Global Editorial Team. (2021, October 15). China supply chain for amazon sellers. Sourcing Allies Global. https://www.sourcingallies.com/blog/china-supply-chain-amazon-sellers.
Swanson, A. (2022, March 1). Ukrainian Invasion Adds to Chaos for Global Supply Chains. The New York Times. https://www.nytimes.com/2022/03/01/business/economy/ukraine-russia-supply-chains.html.
Weise, K. (2022, April 13). Amazon adds a fuel and inflation surcharge to the fees it charges to sellers. The New York Times. https://www.nytimes.com/2022/04/13/technology/amazon-fuel-surcharge.html.
Wiseman, P. (2022, April 14). IMF chief: Ukraine war and inflation threaten global economy. Associated Press. https://apnews.com/article/russia-ukraine-business-europe-africa-middle-east-007c608c453b7a45e51b291d145792b3.