When the US was also ‘in pain’ because of the war in Ukraine

A girl rides a scooter across a building in the village of Horenka, capital Kiev, on 4-6 – Photo: AFP

Mr. Biden’s remarks seem to encourage the Government Ukraine back to the negotiating table after a long time Diplomatic measures were suspended.

Support rate Mr. Biden fell

As the Russia-Ukraine conflict passes the 100-day mark, its impact on the world’s economy becomes more and more obvious and negative.

Although at the beginning of the Ukraine conflict, the economic impact of the United States was still relatively limited due to its modest trade ties with Ukraine and Russia, the protracted conflict has exacerbated the situation. Adding to the problem of inflation in the US, which has been hit hard after a period of expansion of fiscal and monetary policy after COVID-19 for economic recovery.

President Biden is now feeling the pressure of the American public more clearly than ever. The mention that Russia and Ukraine need to negotiate to end the fighting also shows that Mr. Biden also seems to be tired of the protracted hostilities.

In a New York Times editorial last week, Biden laid out his Ukraine strategy, which emphasizes limits to US involvement in the conflict.

Biden reiterated that the US will not send troops to war in Ukraine, which the American public does not support, and stated that the US is not trying to “prolong the war just to cause more pain for Russia”.

Of course, the protracted war is not just painful for the Russians or the Ukrainians. Polls to date in the US show Mr. Biden to be blamed more than Mr. Putin for the fallout of the Ukraine conflict.

According to data from Reuters, at the end of May, President Joe Biden’s public approval rating fell to a new low when only 36% of Americans said they approved of his job, and this percentage. Just a few percentage points higher than the record low of 33% that former president Donald Trump received in 2017.

With less than 6 months to go until the midterm congressional elections, the mood of the American public is not satisfied with the direction of the country as well as with Congress, causing Democrats to fear that they will lose control in the US. bicameral.

The economic outlook is gloomy

Some top US business leaders also expressed concern about the US economic outlook in the near future. Last week, the world’s richest man, Tesla’s Elon Musk, announced he would cut 10% of his workforce this year, expressing a “super bad feeling” about the economy.

Jamie Dimon, chief executive officer of the largest US bank JP Morgan Chase, also warned investors to be wary of a recession in the US.

President Biden’s credibility in power was seriously challenged when inflation over the past 12 months in the US hit 8.5% in March, the highest annual increase in more than four decades.

Although inflation then dropped to 8.3% in April, it remained at levels not seen since the 1980s. Many Americans struggled to buy necessities including food, shelter and fuel.

The negative feeling about the US economy reflects a number of factors. Currently, crude oil price has increased to more than 110 USD/barrel and is likely to continue to increase in the near future. Americans are fed up with the recent record high average gas price of $4.76/gallon (3.785 liters).

Food prices, another factor contributing to US inflation, were also affected by the war as Russia and Ukraine were the main exporters of staple foods such as wheat and sunflower oil.

The cooperation of the US and Western nations, especially on Russia sanctions, has been very strong so far. However, there is no guarantee that cracks in the alliance will not appear as the fighting drags on.

Now, however, neither Russia nor Ukraine want to get out of the war so easily. Ukraine does not want to lay down its arms until it regains the occupied lands.

The Russian side understands their superiority on the battlefield while controlling important cities in the Donbass region of Ukraine. In addition, Russia also knows that the US and the West will get tired of Ukraine if there is no solution to end the conflict peacefully.

The protracted Ukraine conflict could alter the global economy as well as geopolitics, leading to a new era of de-globalization as nations around the world have to adapt to supply chains, energy and Trade is rearranged and more vulnerable.

Whoever wins the Ukraine conflict, America has contributed to hurting its own economy. President Biden’s Democrats will become more difficult in the “climb” as the midterm elections draw near.