From Indian Films to Italian Wine, Trump’s Iran War Ripples Through World Economy
Second-round effects of spiking oil prices flow through economies, leaving policymakers with few good options
Fuel price pressures are hitting growers and winemakers at the same time as Trump’s tariffs.
Photographer: Marco Bertorello/AFP/Getty ImagesThe supply shockwaves from the US and Israel’s war in Iran are spreading across the global economy, raising concerns about an inflation hit to companies and consumers that will require policymakers to raise borrowing costs.
While President Donald Trump’s chaotic tariff campaign took months to filter through supply chains, the spiking prices for oil, gas, aluminum, fertilizers and chemicals since the bombing of Tehran began on Feb. 28 have rapidly been felt by factory managers, farmers and freight carriers.