The economic consequences from China’s Covid-19 lockdowns are being felt by companies and consumers across the globe, and expectations are that the reverberations will only strengthen.

Supplies of Adidas sneakers and Bang & Olufsen speakers have been hit. Automakers from Toyota to Tesla are facing “unprecedented” costs and production hurdles. Sony is struggling to make enough PlayStations. 

While “supply-chain disruption” is emerging once more as the most repeated phrase of corporate earnings season, the impact goes beyond multinationals’ profits. Hospitals from the US to Australia are wrestling with a shortage of chemicals used in X-rays, while building projects are being held up by delayed materials. ..