preferentially sourcing intermediate products from countries regarded as allies. And of “nearshoring”, in which deliveries from nearby countries play a greater role. Fundamentally overhauling supply chains would be a time-consuming and cost-intensive process. In principle, however, government intervention in international trade beyond laying down general rules requires special justification and should remain the exception.
Jerome H Powell: Welcoming remarks –“A Virtual Teacher and Student Town Hall Meeting” Welcoming remarks (via webcast) by Mr Jerome H Powell, Chair of the Board of Governors of the Federal Reserve System, at Conversation with the Chair: A Virtual Teacher and Student Town Hall Meeting, Washington DC, 17 August 2021.