In macroeconomic terms, small to negligible. Germany’s Economy Ministry stressed it was monitoring the situation, it said this week that the only noticeable impact on output so far had been a few cases of stretched delivery times.
Bank of England chief Andrew Bailey concurred, telling a parliamentary hearing it “hasn’t actually had the effect that I sort of feared it might”. —- Nasdaq January 18, 2024
However, anything that hits our ships is an act of war? I don’t know how the other Countries are going to play it.