China and the US must immediately return to the negotiating table for a phase two trade deal to help ease coronavirus disruptions in global supply chains, said Harley Seyedin, president of the American Chamber of Commerce in South China, reported Caixin.
Seyedin made the remarks in a report by the chamber released Wednesday at a press conference in Guangzhou, capital of South China’s Guangdong province.
“There are signs the world’s supply chain (is) being overstretched and the possibility of a collapse is not farfetched. In such a scenario, world recession would not be far behind,” Seyedin wrote in the report.
Around one-third of companies in South China surveyed by the chamber said they are facing shortages of some components, supplies or materials. Among those affected, about 15% said they had already run out of certain supplies, and about 80% said they could run out within one to three months.