China and the US Medical Supply Chain
Audio version available here:
Length: approx. 1 min.
The COVID-19 pandemic exposed many vulnerabilities the United States has, specifically the US medical supply chain’s failings. The shortage was laid bare due to the USA’s reliance on other countries, particularly China, to provide medical supplies.
In 2020, the Chinese Communist Party took control of the production and distribution of medical and emergency supplies due to an increasing demand within the country spurred by COVID. According to the World Trade Organization, half of the US’ medical supplies used to fight the pandemic came from other countries, with China providing about 30%. Lawmakers have pointed out that if the US continues to heavily rely on China for medical supplies the “public health supply chain will remain at risk of manipulation by the CCP”. This reliance on Chinese products has resulted in US shortages and puts Americans at risk for any future public health emergencies. Because of this, there has been a push for legislation that will encourage the US to seek solutions internally with local manufacturing, or to negotiate deals with nations on friendlier relations.
Either way, business owners, especially those in the medical manufacturing sphere, should keep an eye on the news for the latest on the US and China’s continuing economic feud. Better yet, follow us at XQ CPA for the latest and greatest tax tips and business news. For further advice based on your business’s unique situation, reach out to our financial advisors. Give us a call or use our website to book a consultation today.
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