ROME – President Joe Biden will bring world leaders to the G20 summit on Sunday to discuss ways to address supply chain bottlenecks that are preventing the global economy from recovering from the coronavirus pandemic.
While a total of $ 15 trillion has been allocated to tackle the impact of COVID-19, many of the world’s largest economies are facing massive shortages as ships await docking, shipping container prices rise, trucks are in short supply to transport cargo from ports, and virus outbreaks stop production in factories.
Supply chain problems turned into a point of economic and political pain for Biden, as delays fueled inflation and potentially made shopping during the holidays difficult. Republican lawmakers cited the threat of inflation and supply chain problems in criticizing Biden’s economic leadership.
At Sunday’s meeting, the president plans to discuss in the G-20 how each country can identify and address bottlenecks, said a senior administration official, who asked to remain anonymous to discuss the plans. The goal is to help relieve pressure and accelerate growth.
There is also the broader goal of greater coordination between countries to make supply chains more resilient. This means increased transparency in shipping matters, which allows potential problems to be identified and resolved. After the pandemic closed factories, Biden plans to discuss how countries can define strategies to ensure that production of essential commodities, such as computer chips, is not shut down for extended periods of time.
According to a senior administration official, the president planned to make announcements about US plans to stockpile critical minerals and metals, as well as detail what US resources would be available to end the lockdown at key ports around the world.
Biden will also meet with Turkish President Recep Tayyip Erdogan on Sunday morning. Biden ends his time in Rome on Sunday and travels to Glasgow, Scotland on Monday for a UN climate conference.
At the end of the day, the president will hold a press conference at which his domestic agenda can attract as much attention as his foreign policy efforts. House Democrats hope to vote Tuesday on his $ 1.75 trillion family, health and environmental spending plan, as well as his $ 1 trillion infrastructure plan, which has already been approved by the Senate.