(ZEROHEDGE) – The latest Bloomberg Trade Tracker reveals an ominous outlook for world trade due to soaring interest rates, the war in Ukraine, a slowdown in the U.S. economy, and zero Covid in China. A shortage of containers has entirely reversed into a glut as crashing shipping rates and canceled sails gain momentum during what is supposed to be the busiest shipping period of the year.
Earlier this week, we explained that economic storm clouds are gathering worldwide as some of the largest shipping companies warn about decelerating global trade. US shipper FedEx and Danish shipping giant A.P. Moller-Maersk A/S have been vocal about emerging signs of a global slowdown.
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FedEx CFO Michael Lenz told an audience Tuesday at the Robert W Baird Global Industrial Conference earlier this week that his company parked planes cut costs in response to weak demand for package delivery.