US Economy Now 'Facing Rocky Waters,' Biden Aide Deese Says

(Bloomberg) — President Joe Biden’s top economic adviser said that the U.S. may see some difficulties as it contends with elevated inflation and further supply-chain challenges stemming from Covid lockdowns in China and the Russian invasion of Ukraine.

“We are facing a lot of uncertainty, we are facing rocky waters right now,” the director of Biden’s National Economic Council, Brian Deese, said on Bloomberg Television’s “Balance of Power with David Westin.” At the same time, “the United States is probably better positioned than any other major economy to navigate effectively through them,” he said.

The Biden administration has worked to improve the processing of containers at key ports — a key bottleneck in the supply chain during the pandemic — and released petroleum reserves to combat surging gasoline prices, Deese noted.

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