Armed conflict between the US and China for control over Taiwan will lead to an “economic and military nightmare” for the entire planet. This is reported by The Telegraph.
According to commentator Roger Bootle, the Taiwan crisis, which was aggravated by the visit of Speaker of the House of Representatives Nancy Pelosi to Taipei, will not subside after her return.
“The situation around the island will have a terrible consequences that go far beyond economics, the author predicted. “If this escalates into a war involving the United States, the results will be devastating.”
Taiwan plays a significant role in the global economy and produces a significant portion of microchips, Bootle noted, recalling that China accounts for 15% of the world's goods exports .
If Beijing succeeds in blocking Taiwan, its economy will cease to function normally. Against the backdrop of pre-existing problems that have accumulated as a result of the pandemic and the Ukraine conflict, the commentator believes that a new global crisis will disrupt global economic supply chains.