The COVID-19 pandemic shone a spotlight on supply chains, with shortages in everything from baby formula to microchips. This spurred an on-going policy debate on the need for the U.S. to shore up its supply chains, in some cases literally moving production back to the U.S. or allied nations. However, new analysis published in the Brookings Papers on Economic Activity showed that effort may be more difficult than standard supply chain data suggests, especially when it comes to limiting exposure to China. In this episode, David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy, interviews Rebecca Freeman of the Bank of England and Angelos Theodorakopoulos of Aston University on the “hidden exposure” that is revealed in U.S. supply chains with their new data.
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